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Tag: Business

  • 4 Ways Businesses Are Leveraging Gamification

    4 Ways Businesses Are Leveraging Gamification

    Since the start of the Covid-19 pandemic, the global economic landscape has changed. To succeed in the post-pandemic corporate world, we need to transform our concept of the traditional workplace.  

    One method leading businesses are employing to thrive in 2022 is gamification, a trend entrepreneur Kris Dugan spearheaded with the early business gamification platform Badgeville in 2010. Gamification refers to the utilization of game-playing elements in fields that generally wouldn’t use them, such as the workplace. 

    Here are four ways businesses are leveraging gamification in the workplace. 

    1. Improving User Engagement 

    A key usage of gamification is increasing user engagement with your product or service. Customer-facing gamification builds consumer loyalty by providing additional incentives to both choose and stick with your product over time.

    Fitness brand Fitbit offers a perfect example of gamification in action. The brand harnesses this idea using a robust social interface that allows users to compete with their friends to reach fitness targets. The app also rewards exercise milestones with attainment badges that can be displayed for clout.

    Research has shown that competition is one of the biggest motivators when it comes to meeting exercise goals. Thus, gamifying Fitbit through friendly competition increases both user enjoyment and goal attainment. Satisfied customers are more likely to recommend the product to friends.

    2. Increasing Brand Visibility 

    Effective gamification of your product/service will also typically lead to sharing (digitally or through word of mouth). To use the example above, Fitbit’s social sharing feature allows users to post their achievement badges and workout stats on social media. This generates broader brand awareness and encourages others to purchase a Fitbit to join in. 

    Also consider the McDonald’s Monopoly promotion. The popular, Hasbro-sanctioned competition lets customers collect “properties” with food purchases for the chance to win a prize. This clever Monopoly adaptation generates considerable consumer interest and increased sales.

    McDonald’s Monopoly was discontinued in the U.S after reports of fraud, but this gamification attempt is still generating brand recognition for Mc Donald’s and is thriving in other countries. As recently as 2020, the McMillions docu-series was released, detailing the scandal, and getting tongues wagging all over again. 

     3. Motivating Business & Staff Performance 

    Just as gamification can encourage your customers to engage at a higher level, it can also be a powerful motivator for your staff. Even the best-run organizations can run into worker burnout or task fatigue. Inject a sense of fun and urgency back into your workplace with gamification.  

    A simple example would be to create Bingo cards for each staff member. Boxes can be filled with tasks that need to be achieved, such as “receive positive feedback from two customers” or “complete safety awareness module.” When the goal is reached, the winning staff member or team receives a reward. 

    The most effective rewards pair praise with a tangible prize. For example, a coffee voucher and recognition at the next staff meeting. Why does it work? Rewards release a rush of dopamine, the “happy” hormone, in the brain. Our brains are hardwired to pursue this chemical, which can translate to increased motivation to reach targets and a higher level of satisfaction when they are achieved.

    4. Hiring Incentives

    Despite high unemployment rates, many businesses are feeling the pinch of a suitable labor shortage. Savvy businesses are now using gamification to find high-quality candidates to fill essential roles. How? By offering cash incentives, prizes and kudos to employees who successfully refer suitable friends and acquaintances to vacancies. 

    The four examples above barely scrape the surface of business gamification. Consider implementing gamification in your business now to watch your company’s success soar in 2023.

  • How to Repair a Failing Business

    How to Repair a Failing Business

    When a business is failing, it can be difficult to know where to start to turn things around. No franchise is perfect and even the most successful ones have their struggles. So how can you turn things around and get things running smoothly? A good place to start is the budget. Take a closer look at the expenses, consider getting a personal loan and see where you can cut back. 

    Try to increase your sales by implementing new marketing strategies or by opening up partnerships with other businesses. It’s also important to make sure you are keeping your customers happy by providing excellent customer service. They are the central point of any business. By addressing complaints promptly, you have the means to bring your establishment back afloat. Let’s explore other ways to repair a failing business.

    Identify The Problem

    There are many reasons why businesses fail, but identifying the problem is a big step to reversing the damage. The decline is often a combination of several factors that leads to the downfall of a company. Here are three common problems that can bring failure to a business:

    Lack of Customer Demand

    If there is not enough demand for your product or service, your business will eventually fail. Make sure you have a clear understanding of your target market and what they want before starting your business.

    Poor Management

    Bad management is one of the most common reasons for business failure. This can lead to decreased productivity, higher costs, and ultimately lower profits. If your team is not working well together or you are making poor decisions, it will be very difficult to turn things around.

    Insufficient Capital 

    Another common cause of business failure is insufficient funding. This can include overspending, ineffective tracking of expenses, poor credit score, or failing to invest in long-term growth. Make sure you have a solid plan in place for how you will generate revenue and keep costs under control.

    Evaluate The Competition

    Statistics are what can make or break your company. Knowing how you stack up against the competition falls into that category. Are you offering the same products and services at the same price point? If so, what makes your business stand out? Take some time to research your competition and see what they’re doing that you’re not. Maybe they have a loyalty program or offer discounts for certain services. 

    Find out what sets them apart and see if there’s anything you can do to match or exceed their offerings. It’s also important to keep an eye on your competition’s marketing efforts. See what kinds of campaigns they’re running and where they’re placing their ads. This can give you some insight into their target market and how they’re trying to reach them. Again, use this information to see if there’s anything you can do to better the position in your own business.

    Talk to Your Management and Employees

    Are you looking for ways to improve your business? If so, you need to talk to your management and employees. Communication doesn’t just mean sending out a memo or holding a meeting now and then. To truly improve cooperation within your business, you need to be proactive about it. Here are ways to do just that.

    • Encourage an open dialogue between management and employees. This will help identify areas where the business can be improved.
    • Ask employees for their suggestions on how the business can be improved. They may have some great ideas that you haven’t thought of.
    • Conduct regular performance reviews with employees. This will help you identify any areas where employees are struggling and what can be done to help them perform better.
    • Keep communication lines open at all times. This way, if there are any problems, you can address them quickly and efficiently.

    Assess Your Product or Service

    A company’s product or service is its bread and butter. It’s what customers purchase and consume, and it’s the lifeblood of the business. Therefore, companies must take the time to assess their product or service regularly. You need to make sure that the quality of the product or service is up to par. This means the product or service is properly meeting customers’ needs and expectations. 

    Check the statistics for the past year or more to see what has changed, what works, and what can be improved upon. A great way to improve your product or service is to gather feedback from customers. The best way to gauge whether your product or service is succeeding is to hear it directly from those who are using it. Send out surveys, solicit reviews, and encourage customers to reach out with their thoughts and suggestions.

    What Does the Financial Situation Look Like?

    It can be really easy to drop the ball when it comes to the financial side of a business. Keep track of all of your receipts and categorize them by type of expense. This will help you see where most of your money is going and where you can cut back. Make a budget for your business expenses and stick to it as much as possible. This will help you stay on track and not overspend.

    Don’t be afraid to negotiate with vendors or suppliers. You may be able to get a better price if you let them know that you are shopping around. If you find yourself in a tough financial situation, it might be a good idea to opt for a quick online loan. Get offline or online approval by approaching highly rated and certified financial institutions. Make sure you understand the terms and conditions of the loan presented before proceeding.

    Put Your Plans Into Effect

    If you’re looking to make these changes to your business, start small. Making big changes all at once can be overwhelming, and it can be difficult to know which adjustments are having an impact. By making small moves and observing how they affect your business, you can get a better sense of what’s working and what isn’t. One way to do this is by experimenting with different marketing strategies. 

    Try out a new social media platform or run a targeted ad campaign. See how your customers respond and make adjustments accordingly. Another way to make small changes is to tweak your operations. Implement a new software system or change the way you handle customer service inquiries. Again, pay attention to how these changes affect your business. Making small changes is a great way to gradually improve your business.

    Conclusion

    When your business is showing a healthy status, this doesn’t mean it’s time to relax. The focus points should always be prevention and growth. Have a clear vision and mission for your business. This will help you stay focused and on the right path when things seem tough. Make sure you have a solid financial foundation. 

    This means having enough cash reserves to weather any storms that come your way. Keep a strong team in place and let go of the slack. Surround yourself with people who believe in your vision and who are committed to helping you achieve your goals.

  • Baby Boomer Business Retirees: The Future of Small Business

    Baby Boomer Business Retirees: The Future of Small Business

    Baby boomers are undeniably the generation that built America it stands today, for better and for worse. And there is no aspect of society where this holds as true as it does in the realm of business. Today a third of all Americans rely on baby boomer businesses for income, businesses that total to over 2.3 million in America. 2.3 million small businesses, 75% of which are profitable and 35% of which have been operating for over ten years.

    Boomers are Retiring in Full Force

    These are impressive statistics to say the least, but it does seem this era is coming to an end. Today 10,000 baby boomers retire daily. Meaning thousands of businesses are having their owners retire month after month. This isn’t inherently such a bad thing, but it does become a bit more worrying when considering that 58% of small businesses have no transition plans. Times have changed from the American family business, most millennials today simply have no interest in taking over the family business. 

    Instead, future generations are defined by their disdain for the nine to five, defined by the desire for flexibility. It simply isn’t appealing anymore to work at the same shop one grew up in, instead setting one’s own path and creating one’s own meaning has become a defining cry for future generations.

    So for many baby boomers, when the time comes to retire, the time comes to sell their businesses and make some retirement cash. Cash that is of extreme value when considering the fact that 45% of all baby boomers have no retirement savings. And even those with savings are going to have a hard time due to the steady inflation the U.S has faced for years.

    Who Will Pick Up the Slack

    The process of selling also keeps the country’s economy afloat. While closing a business just leaves a deficit in the market, selling it brings new blood into the business and a new perspective. Millennials now more than ever are looking to own their own businesses and set their own schedules. While they don’t want to take over the family business, that doesn’t mean they don’t want to buy one, and starting from the base of a baby boomer business is nothing to scoff at. 

    These businesses are good investments, with high profitability, loyal customers, and typically great locations. This is just one way that baby boomers are transferring their wealth and setting the stage for the next few generations. As the baby boomer generation nears its end, there’s an estimated $68 trillion that will be transferred to their children alone.

    In Conclusion

    Another big chunk in the baby boomer transfer comes in the form of charities. $11.9 trillion is expected to go to charities as baby boomers move on. This is the boomers’ chance to really make a difference in the country they’ve created. Be it charity, business, or by trusting in their children. The wealth they’ve amassed has to go somewhere, and as they retire and see their time end, it can only be hoped the transfers are positive. 

    The Boomer Business Bomb
    Brought to you by: MBAStack.org
  • How Businesses Are Helping Employees Repay Student Loans

    How Businesses Are Helping Employees Repay Student Loans

    When you have a growing list of other financial obligations, it can be challenging to balance student loan payments. However, some businesses are going the extra mile to provide assistance. 

    According to figures from the Federal Reserve, the total amount of student loan debt in the United States has risen to an all-time high of $1.75 trillion. In answer to this, employers are increasingly providing aid as American workers find it harder and harder to make their student loan payments.

    What Has Changed in the Field of Student Loan Benefits

    A recent poll found that only a small percentage of businesses were giving help with repaying private student loans as a bonus. However, recent changes have brought to light just how much student debt affects regular Americans. A provision to halt payments, interest charges, and collections on federal student loans held by the Department of Education was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act when it was passed in March 2020.

    The CARES Act also allowed companies to exempt up to $5,250 in annual student loan payment help from their employees’ income and offer it to their workers. The Consolidated Appropriations Act put an extension on that clause’s deadline from the end of 2020 to 2025.

    In response, a recent study found that the proportion of employers providing student debt repayment aid as a benefit has more than doubled. Furthermore, there are more companies planning to do so.

    Here are some innovative strategies employers use to show you how businesses are assisting their workers.

    1. Allowing staff to exchange unused vacation time for payments on student loans.

    Staff members carry over unused paid time off (PTO) each year. Under this program, employees are able to convert a certain number of hours of carryover PTO into a student loan payment. Some employees pay off as much as $1000 or $2000 a year on such a program. 

    2. Offering a signing bonus that can be used to pay off student loan debt.

    In addition to this signing bonus, some companies offer a second incentive for the same purpose once employees have worked for the company for five years.

    3. Linking 401(k) contributions to student loan payments

    Paying off student loans has greatly hampered the ability of recent college graduates to save for retirement. A recent study found that 73% of student loan borrowers aren’t making the most of their retirement resources. Some companies are providing a solution to this problem

    More specifically, companies provide a 5% contribution to each employee’s retirement plan, provided that the employee makes student loan payments equivalent to or greater than 2% of their qualified earnings.

    Furthermore, employees are not required to make retirement plan contributions in order to receive the matching contribution. Even the IRS grants special authorization to provide the benefit.

    4. Providing student loan payments.

    There are private banks and asset management companies introducing their initiatives to help with student loan repayment. These organizations provide monthly payment perks like other private employers do, however, they are not limited to recent college graduates. These banks also provide aid to parents who got student loans to pay for their children’s education.

    These employees receive a monthly amount to put toward their school loans during their first year of employment, whether they are a parent, graduate, or undergraduate. This amount increases each year until the loan is repaid.  

    5. Exchanging student loan payments for company stock.

    Employees with a certain number of years of employment could be made eligible for company stock awards each year, which they could sell to pay off student loans. 

    Conclusions

    These and other programs are part of a growing trend of businesses helping employees pay off student debt. As these businesses become more creative and innovative, it’s likely that in the future, job-seekers may see this as one of the most important benefits to look for in a company. 

  • 4 Common Merger and Acquisition Mistakes and How to Avoid Them

    Mergers and acquisitions (M&A) are an excellent way to increase your market share, access industry-leading talent, explore new markets, reduce costs and increase profits, get favorable taxes, diversify your investment, corner future value, and more. However, studies suggest that their failure rate ranges between 70% and 90%. Knowing how to choose targets, if and how to integrate them, and how much to pay for them can drastically help increase your success odds.

    Familiarizing yourself with the common M&A errors, how they can impact your business, and what you can do to evade them can boost success chances. This article outlines four common M&A mistakes and how to avoid them.

    Not performing detailed due diligence

    Detailed due diligence is a vital, comprehensive inquiry or investigation into the affairs of the target company you intend to acquire or merge. The due diligence investigation helps you identify, measure, and mitigate the liabilities and risks of acquisitions and mergers while assessing the target company’s value.

    Due diligence depends on the transaction nature and can be legal, financial, property, information technology, or environmental. Inadequate due diligence may result in legal consequences like inheriting litigation proceedings against the target company or financial issues, including high debts and significant liability amounts.

    Failing to plan your M&A

    As a seller or buyer, your ultimate goal is selling or buying a business. Successfully achieving this goal can be difficult and may fail without a proper plan. A comprehensive and easy-to-execute strategy is a must-have to attain your objective successfully. In your M&A plan, explain why you’re considering a merger or acquisition, how you intend to finance it, who your advisory team will be, your ROI model, and the deal size you’re looking for.

    Valuation mistakes

    Business valuation involves determining the target company’s actual worth or fair value. Some common challenges in valuing a merger or acquisition include miscalculating the target company’s financial data, missing critical details during due diligence, misreading the target’s buy-side competition, and failing to evaluate the management team’s quality properly.

    Lack of proper financial analysis means it’ll be challenging to quantify the deal’s prospective shareholder value. To overcome this issue, invest in an independent valuation by third-party valuation professionals because they don’t have a conflict of interests.

    Not involving the right experts

    Mergers and acquisitions aren’t DIY projects. Failure to involve the right professionals in the process sets you up for failure. Business valuation experts will help determine your company’s worth or target to ensure you don’t settle for too little or overpay. Accountants with M&A experience will help you with financial due diligence to ensure you’re appropriately positioned for the deal and advise you on transaction structuring to get the most out of it.

    M&A legal experts will handle the negotiation’s legal aspects while guiding you through the legal due diligence process. Your M&A team should include investment bankers, business brokers, and financial advisors. This will help streamline the merger and acquisition process while enhancing your success rate.

    Endnote

    When mergers and acquisitions aren’t done right, they will fail. Consider avoiding these common M&A mistakes and what you can do to avoid them.

  • What Does My Business Website Need to Succeed In 2022?

    What Does My Business Website Need to Succeed In 2022?

    It’s reckoned there are around 2 billion websites in the world today. While only 200 million of them are active, that’s still a hell of a lot of content. And if you run a business, a lot of competition! So, having a great website for your operation is paramount. You’ve often got one chance to make a good impression, and if you blow your opportunity, it’s unlikely you’ll get a second go. You might think you’ve got a great site, but it might be a turn-off for your audience in reality. Read on and discover what your business website needs to succeed in 2022.

    Goals

    Business websites are digital shop windows. If you’re not sure what the purpose of your website should be, then you can be certain your audience won’t either. You must show them who you are, what you do and what you offer. Seems an obvious thing to say, but millions of sites out there never get this right at the outset. It’s not enough just to have a site – it needs to say something! Once you know what you want, then you’re off to a solid start and you can build from there.

    Know Your Audience

    So, you’ve established what you want. But what does what your audience want? If your site doesn’t match their needs, then you’ve a recipe for poor sales. Creating a good site takes time, money and energy – so you must ensure you’re hitting and attracting the right people. If your site is already up and running, then you’ll already have some key data sitting in Google Analytics, waiting to be tapped. If you’re not using this, then do not delay – it’s packed with priceless data on who is looking at your site and their behavior while they’re with you. It’s a brilliant place to get customer insights, and it’s free. Away from Google Analytics, you should look at your competitors. Who are they attracting? What are they doing? Once you understand your audience, you can design your content to suit.

    Easy Navigation

    Now your audience is identified, the next step is to ensure your site is structured in a way that makes navigating around it easy. It’s not a time for puzzles – people are time-poor and information-hungry. Satisfy both demands with a logically constructed site, with clear page categories and sections. It is very easy to get this design element wrong – you can have the best content and the best deals, but if they aren’t easy to find, they’re useless. It’s no surprise that millions of businesses make sure they get this right by using custom web development services for their sites.

    Content

    With your design confirmed, it’s now time to populate your site with the engaging, compelling content you need to reel customers in and keep them coming back for more. Original content is a must too – it is this which will help you stand out from the crowd and build your brand. Having a blog section is a great way to deliver informative content and establish your expertise. Blogs can cover all sorts of relevant subjects. It can be a bit of news about your company, an industry development, a new product, an event or even a “guest” blog from one of your suppliers or partners!

    Use sensible fonts that are easy to read and aren’t jarring to look at. Always use the right words. Make everything clear and to the point and use a range of word lengths for your blogs and articles. Some topics need more detail than others! 

    Eye-catching imagery is a must – it has been long established that humans respond more strongly to visuals than text. Bland or poorly chosen images can make your website look amateurish. Always use visuals that reflect the brand images you want to promote. First impressions matter and your audience will see the pictures before they decide to read the text. Getting your words and images right on your site will not only satisfy your audience but will give your SEO (search engine optimisation) a boost. Vital to get your site shooting up the Google rankings!

    Speed

    We’ve all clicked through to a website that takes too long to load. And we all do the same thing – click straight back out, often never to return. Slow loading pages are a disaster for websites, and you’ve about 2-3 seconds grace before user frustration sets in. It strikes a hammer blow to your SEO efforts too. There are plenty of free online speed loading analysis tools so make sure you check regularly. Make sure you keep file sizes down (particularly images) and if you’re still encountering issues, you should think about speaking to a web development team.

    Think Mobile!

    Smartphones are used for everything now – gaming, streaming and browsing the web. While your site might look resplendent on your desktop and be packed with sticky content and great offers, it does not mean it will do so on smartphones (or tablets!). These days, more people access the internet on their phones than on desktops, so you ignore this at your peril. Make sure your site is optimized to look fantastic across mobile, desktop and tablet. You’ll simply bleed traffic otherwise.   

  • How to Humanize the Workplace in a Startup

    How to Humanize the Workplace in a Startup

    When it comes to the world of startups and entrepreneurship, there’s one thing that is certain – it’s not for the faint of heart. This lifestyle of hard work, self-starting, and brutal determination has huge payoffs, but also comes at a great cost. As much as there are highs, there are in many ways as many, if not more, lows. This all comes with the territory, and it’s always going to be seasonal, with certain seasons feeling victorious while others can feel numb, or even discouraged.

    Among the many challenges and things to do with creating a startup, is setting a company culture. While some entrepreneurs may not be as wired to be excited about this as others, this is truly one of the most potentially satisfying, and gratifying parts of the job.

    Why Is It A Privilege To Create a Workplace?

    In order to properly understand how to humanize a workplace and create a culture of success, you have to have the right mindset. On the one hand, there will always be those things that you have to do. No amount of positive platitudes can change the fact that certain admin work and daily disciplines will never truly be a ‘get-to-do’ task, but will remain a ‘have-to-do’ task, and there’s nothing wrong with that.

    Some things are too necessary and important to not be done well, and regularly, but they don’t all have to have some kind of forced positivity over them. Where creating work culture, environment and space are different, is that it does take the same amount of disciplined work, and dedication, but it impacts two very important things: Your work, and your product. Humanizing the workplace involves understanding the fact that the people making your startup dreams happen are humans and have human needs.

    On average, a person will spend one-third of their life in the workplace setting. Whether that’s remotely from home or their favorite coffee shop, or in a traditional brick and mortar workspace. This is an incredible amount of time that a person will spend during their life. The ability that you have in running a startup is to create a humanized workspace that empowers all of that time, and holistically improves the company and your employees. By focusing on giving your employees a workspace that has a positive effect on their lives, which will impact the other two-thirds they spend outside of work, you will create a workspace that pushes your business forward.

    How Do You Make a Humanized Workspace?

    So how do you create an environment where you and your employees will spend a third of their life well? What goals should you have in place and what will it take? Here are a few ways to create a workspace that creates employees that are healthier, happier, and more confident in not only impact the company in a positive way but their entire lives.

    Empowerment

    The number one way to create humanized enrollment is by empowering your employees. This comes down to see them as wholly human, and not just partially human. Their life experience, their talents, and their unique personalities all make them valuable. Yes, they may have different departments they excel in, but one way to empower employees is to bring them into problem-solving situations across your company.

    This is often not effective when it is forced. An accountant will be using their time unwisely if forced to grapple with the problems from marketing. However, creating an environment where challenges are made known and participation is encouraged to solve those challenges can have a hugely humanizing effect. In essence, you are telling your employees that you value their thoughts, and who they are, even if they have an idea for something out of their field of profession.

    Community And Listening

    This goes back to the fact that your employees will spend a third of their life working for you – so create an environment where life can happen. Sometimes the lines between personal life and business can get a little blurred, or need redefining – that’s normal, and will happen. Allow your employees the chance to make work a part of their lives by structuring meetings, and interactions throughout the workweek around communication and community. Having proper conference rooms with conference room signs can go a long way.

    Conclusion

    The road to creating a workspace that is empowering, and fulfilling for your employees to commit such a large part of their lives is hard, but it has big payoffs. GR0 is an example of a company that believes in supporting each other, clear communication, always putting the other first, and giving the benefit of the doubt. This kind of strong comradery-driven work culture has created a start-up that has quickly become a top content creator.

    While creating company culture is always going to be hard, consistent work, it’s one of the most important things you can do to create a business that will last the test of time. People are what makes a startup successful, and keep a business running, so investing in creating a humanizing workspace is one of the best investments you can make.

  • How Can You Protect Your Business Information?

    How Can You Protect Your Business Information?

    Every legal business will have to leave an electronic or paper trail of corporate filings, business licenses, tax records, financial statements, lawsuits, complaints as well as a variety of other documents. This means that anyone who wants to research a company, either for competitive reasons, random curiosity, or out of interest in doing business with it– can find a great deal of information online or in hard-copy files at local, state, and federal government offices.

    In California, for instance, when entrepreneurs submit documents for filing with the California Secretary of State, they are automatically creating a public record. Accordingly, all of the documentation and information that is provided for filing is therefore made available to the general public for copying and viewing. Internet search engines and third-party websites will also be able to access and use the information as they wish. Details such as the name of the person filing as well as any mailing and street addresses, phone numbers, or email addresses that are provided in public filings, will be made available.

    The California Constitution, as well as the California Public Records Act mandate that the Secretary of State provides public access to its records for public viewing and copying. The Golden State has advised that “Corporations and limited liability companies can update address information on the Secretary of State’s records by filing a Statement of Information. For other types of filings, updated address information for filings with the Secretary of State can be submitted through a subsequent amendment or amended filing.”

    How to Protect Personal Information When Starting a Business

    A California registered agent, also referred to as an agent for service of process, is a federal law requirement for every formal business entity in the state of California. This individual or business entity will receive all official paperwork from the California Secretary of State. They will also receive any service of process that a business may be served with— in the instance of a legal dispute.

    Many business owners, especially single-member LLCs, tend to choose to act as their own registered agents. While this is legally allowed, entrepreneurs put themselves at risk of having all of their private information– home address, personal contact details– made public on the California Business Entities Search. A way around this is by hiring a registered agent who will accept legal correspondence on behalf of the company, hence protecting the location of the owner’s home or private business. 

    Benefits of a Registered Agents Service

    Apart from just superior privacy, a California registered agent service also provides business owners with flexibility since registered agents are required to be available every working day of the year, at all normal business hours. Outsourcing the service allows entrepreneurs to be more flexible in the hours and locations that they work. 

    They also allow for discretion in sensitive matters since receiving service of process for a lawsuit at the actual business premises should not happen in front of employees and clients. Registered agents help to avoid this issue since they will receive any service of process and other documents at their personal office; they can then discreetly have them delivered via mail or online.

    Registered agents are required to be a resident or have permission to operate in a state, which can be an issue when a company looks to expand its operations to other states. Since most registered agent services have permission to operate in all 50 states across the United States, entrepreneurs will not have to go through the hassle of the additional paperwork and procedures when expanding.

    It is vital that businesses remember to file their required paperwork timeously to avoid fines and keep the company in good standing with the state– which is important in maintaining the limited liability protection of the business. A registered agent service will help the business with the filing of important paperwork and will maintain a compliance calendar and remind the business when annual reports or any other filings are due.

    Final Thoughts

    Privacy is an important aspect to keep in mind when starting up a new business, especially for entrepreneurs that run their business from a private residence or office space. While most states make the businesses filing information public, owners are able to protect their personal information by using a registered agent service that will handle all of the correspondence on behalf of the business.

  • Starting a Business? Everything You Need to Know About LLCs

    Starting a Business? Everything You Need to Know About LLCs

    An LLC is a cross between a corporation and a partnership; it is a common middle ground. Starting an LLC allows business owners to reap the benefits of both a sole proprietorship/partnership and a corporation, allowing them to reduce personal liability while gaining tax and operational flexibility. LLCs are recognized as legal business entities in all 50 states. LLCs are used by business owners to avoid personal financial risk while retaining tax simplicity.

    LLCs are becoming increasingly attractive among small and medium-sized business owners. They are much less formal than corporations and provide for more flexibility in terms of ownership and management. There are various factors to consider when forming an LLC, including whether or not to form one, the costs, the filing requirements, and so on.

    LLCs have several advantages that appeal to many entrepreneurs in a variety of industries, so it is critical to examine what sort of business structure to form. Here are some of the advantages and disadvantages to help you determine what will be best for you.

    Taxes

    Any profit generated by the LLC is immediately distributed to the owners. The owners then record their profits on their own tax returns. When it comes to taxation, LLCs have the best of both worlds; they can choose to be taxed as a sole proprietor, partnership, S corporation, or C corporation – whatever works best for them. The IRS will tax LLCs as either partnerships or sole proprietorships, based on whether they have one or more owners. It’s as simple as filling out paperwork to change this classification to whatever best suits the owners’ purposes. This also allows LLCs to escape the double taxation that C-corporations experience. 

    While taxes can be an advantage for LLCs, they can also be a disadvantage. Unless you want to be taxed the same as a corporation, you will very likely be subject to self-employment tax. The problem is that these taxes are much greater than they would be if business profits were taxed at the corporate level rather than being passed through to the owners. It is critical to evaluate your individual scenario when considering how your LLC will be taxed (and it is always a good idea to seek the guidance of your accountant) in order to avoid paying more taxes that you may be able to avoid.

    Paperwork

    The process of forming an LLC is simple, and there is minor paperwork required when compared with other businesses. LLCs are also not required to have official officer responsibilities, keep a record of company minutes, make resolutions, or hold annual meetings, however, if you intend to form an LLC with multiple members, you will need to draft an operating agreement to safeguard your members from any legal conflicts.

    Some administrative obligations can also apply to LLCs that do not apply to single proprietorships or partnerships. You’ll need to file some papers with the state and pay the fee for registration, but the filing is minor when compared to forming a corporation. One key worry for LLC owners is keeping personal matters apart from the operations of the LLC. This means that the LLC must keep its own records, have a bank account, and keep track of any meetings held by the owners when key corporate decisions are made.  They must keep their personal affairs separate from the operations of the LLC. 

    Structure

    The management structure of an LLC, like taxes, has both pros and cons. In contrast to corporations, which often have directors, officers, and managers, LLCs are not required to have official positions. While this is useful in that it provides for greater flexibility in how the firm is run, it can lead to problems and confusion regarding who is responsible for what in company operations. In a corporate operating agreement, it is critical to clearly identify roles and responsibilities so that there are no hitches in business operations and no concerns about who has the power to make specific decisions that would affect the organization.

    Because an LLC is a bit more formal than a partnership or sole proprietorship, it lends credibility to the business. Forming an LLC also helps you to establish a credit score for your company, which opens up the possibility of obtaining lines of credit and loans. LLC owners will not liable for any lawsuits or debts that may affect the LLC if they have not participated in any fraudulent or criminal activities. 

    Takeaway

    All in all, an LLC has some significant benefits, especially when compared to a sole proprietorship or partnership, and it can be the ideal organization for many small businesses.

  • How Businesses Are Harnessing Social Media for Hiring Decisions

    How Businesses Are Harnessing Social Media for Hiring Decisions

    From dedicated hiring platforms to AI algorithms that will find, scan, and categorize candidates, today’s recruiters have a wide range of tools at their disposal to pinpoint the best possible fit for any position. However, one of the most valuable strategies is to use various social media platforms to post jobs, scout for talent, vet candidates, and communicate with them. This is known as social recruiting. 

    Recent statistics show just how widespread this approach already is. 94% of professional recruiters say they use social networks to advertise positions. 70% of employers use potential candidates’ social media to check for proof of their qualifications and see if they conduct themselves professionally. Plus, more than half of all employers say that something they saw on an applicant’s social media profile made them decide not to hire them. 

    Whether you’re a recruiter looking to further integrate social media into your hiring strategy or someone who’s hunting for jobs and needs to know how to promote yourself, here’s an overview of how social media can be used for hiring decisions.  

    Employee Referral Programs

    More and more companies are using social media to launch employee referral programs. This means they encourage their current employees to reach out to their own social media contacts to find qualified applicants. 

    Far from encouraging nepotism, this actually has a range of benefits for the company. For one, it speeds up the hiring process because their employees act as filters. Statistics show that referral hires turn out to be five times better employees themselves, with lower turnover rates. 

    There is a perk for job seekers, too. They are more likely to be able to trust job postings they find through their personal contacts. In one survey, 45% of respondents said they were more likely to apply for a position they found on a friend’s social feed. 

    Verifying Qualifications and Experience 

    Once a candidate has applied for a job, recruiters are overwhelmingly likely to check their social media profiles. Networks like LinkedIn, Facebook, and Twitter offer an invaluable wealth of additional information that many recruiters consider. In fact, almost 60% of employers say that they prefer not to interview people who don’t have social media profiles.

    Social media gives recruiters the possibility to see first-hand and long-term proof of candidates’ passion and experience. For example, it’s easy for job applicants to embellish their CV by listing the skills mentioned in the job posting. But finding old posts on their profiles in which they talk about or showcase those skills adds to their credibility. For creatives, social media accounts can serve as public portfolios. Along with fact-checking qualifications, social media profiles can give recruiters insight into how in tune a candidate is with pop culture and the current social climate.

    Screening for Reasons for Exclusion 

    Employers will often use an applicant’s social media profile to decide if they’d be a good fit for the company’s culture. According to recent data, 54% of employers have used social media to screen for red flags. 

    Some of the reasons that were given for not considering a candidate were pretty straightforward. For example, 40% of employers excluded applicants because they posted provocative or inappropriate content. Another 31% said they had flagged candidates for posting discriminatory comments about another person’s race, gender, or religion. Progressive social movements like #MeToo and Black Lives Matter have made employers more aware of the dangers of ignoring these potential red flags. 

    Other types of content that led recruiters to exclude candidates are less obvious but no less damning. 22% said they had decided against hiring someone because their screen name was unprofessional and 12% because someone posted too frequently. 

    Finally, a considerable percentage of employers have also found evidence of objectionable behavior while a candidate held a previous position on their social media profiles, including bad-mouthing their previous employers or colleagues, sharing confidential professional information, and lying about work absences. 

    As social media becomes more ubiquitous, businesses will continue getting value out of diving into applicant’s profiles during the hiring process. There are opportunities and potential pitfalls for candidates, but both sides can benefit from the information on social media.

  • Payment Failure Now The #1 Cause Of Business Churn

    Payment Failure Now The #1 Cause Of Business Churn

    Supplier churn is more prevalent than ever, and it is costing big businesses much more than customers.

    Researchers estimate that the cost of customer churn has risen to more than $136 billion. This number is expected to rise due to a higher volume of subscription based business models in the market. Subscription based models with monthly opt-in services are projected to be hit hardest by involuntary renewal churn, with over one third of consumers relying on auto-renewal programs.

    Consumer churn may be attributed to many factors, but research suggests that payment failure is by far the highest contributor to turnover. Payment failure may be attributed to:

    • Insufficient funds: 53%
    • Credit card limits: 42%
    • Credit card changes: 40%

    Business subscription revenue often enters from the top of the payment funnel, accounting for more than 62% of business profits. However, auto renewal programs in subscription plans drive churn costs up and lose more than 47% of retained customers.

    Failed payments and business churn do more than lower the bottom line. In a research study done by Forrester Consulting, failed payment structures have the ability to decimate business models and profit margins by a significant degree. Nearly half of all businesses expect to lose profit from chargeback rates in their forecasted yearly revenue. The cost of repairing failed payments is just as costly as discovering them, with customer service interactions significantly raising operating costs for at least 43% of businesses.

    The true cost of failed payments is more than dollar signs. One in every three customers will end their relationship with a business after their first bad experience. These customers often take to social media or digital review platforms to vent their personal experiences, which further impact brand sales and bottom lines. Every failed payment may generate a higher risk of customer loss and lower retention.

    In order to combat consumer churn in subscription based businesses, the management of failed payments should be monitored. Done correctly, the avoidance payment failure negates the negative effects of business churn, consumer turnover, and negative reviews.

    Retaining previous customers costs up to five times less than scouting new customers, and significantly lowers expenses related to business churn. The best way to retain customers according to industry research is to maintain all of the following factors:

    • Offer multichannel customer service mediums. These include call centers, emails, text messages, and related systems.
    • Reduce the number of card declines on your roster. The installation of basic software may lower payment failures to 0.5%, which is a 70% reduction in involuntary churn.
    • Only 15% of customers will reply to emails asking for updated payment information. To mitigate this, utilize software such as automated card updaters or retry logic systems to vet supplied payment information behind consumer data. This process increases consumer satisfaction while lowering costs associated with mass communication.

    The goal of every modern business should be to lower business churn in payment failure by harnessing current technology and solid business practices.

  • Internet Pioneer Alan Meckler Discusses Overcoming Dyslexia

    I recently came across the Distraction Podcast hosted by Dr. Edward Hallowell, who happens to have dyslexia. He interviewed internet pioneer Alan Meckler who also happens to have dyslexia. Dr. Hallowell emphasized that Mecker was able to do amazing things in his career despite of and because of his dyslexia.

    Alan Meckler was one of the very first to recognize the commerce and marketing potential of the internet, founding Mecklermedia which held the first and largest internet business trade show. Meckler also founded internet.com, which at one point had a trading value on NASDAQ of over $1 billion. He later purchased Mediabistro and many other online businesses as well as founding dozens more.

    Meckler said he didn’t know he had dyslexia at first. “I found out about it in a round about way when a freelance writer was writing an article for the New York Times and it had to do with baseball.” said Meckler. This was about 15 years ago and through his contact with this writer it was discovered that he had dyslexia. Meckler describes it in full in the podcast.

    Meckler was asked about his strengths, especially as it relates to his huge success. “I’ve been very good at being able to pick out important tidbits when people are talking or in lectures,” he said. “I could always zero in on a salient point. I’m very good at spotting strategic trends, that’s why I did well in business. I sort of could project out when I heard of something, whether it be good or bad, in the fields I was in. I think, if anything, that’s my greatest skill.”

    “There was a book written called the Black Swan, written by Nassim Nicholas Taleb. If I have any claim to fame, he cites that in the 20th century there were only just two or three Black Swan events. One of them was the internet.”

    Meckler added, “I was clearly only one of the first two or three people in the world to recognize the commercial side to the internet.”

    I recommend listening to the podcast in full….

  • Facebook Creates Inbox for Businesses to Manage Facebook, Messenger and Instagram

    Facebook Creates Inbox for Businesses to Manage Facebook, Messenger and Instagram

    Facebook is rolling out a unified inbox for businesses to manages communications across all of their social platforms; Facebook, Messenger and Instagram. This allows businesses to save time by only having to open only one app to send and receive messages.

    Now, Facebook says you can reply to Facebook comments, visitor posts, reviews, messages and Instagram comments directly from the updated inbox by tapping on the content you want to answer. Of course, you can still use the apps directly as well.

    The unified inbox will roll out to anyone using the business focused Pages Manager mobile app over the next few weeks. Facebook says it will be available for all other devices soon as well. To make it work simply connect your Facebook and Instagram accounts by clicking on the messaging icon at the bottom of your Page while you’re in the Pages Manager App which will then prompt you to login into Instagram.

    “The new and improved inbox gives me a quick snapshot of all media channels in an organized and succinct way,” said Nicole Chase, admin of Nicssential Oils. “It cuts down the time I spend on administrative tasks by around 12%, and it allows me to provide more detailed and personalized service.”

    Facebook says it will be adding additional features that make sense to make it more useful for business.

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    Keeping it Personal

    In the app you can also click to see a basic profile of anybody you are communicating with including any previous interactions with your company. This lets you keep your messaging more personal and effective.

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  • Facebook Launches Recommendations to Find Local Businesses

    Facebook Launches Recommendations to Find Local Businesses

    Facebook continues to see itself as more than just a social platform for people to share posts, pictures and videos. Today, Facebook announced a Yelp like feature called Recommendations that users can opt-in to.

    “When you write a Facebook post looking for advice on local places or services, you’ll have the option to turn on Recommendations for that post,” notes Facebook in their blog announcement. “If you turn on the feature, your friends can comment on your post with suggestions, and you’ll see all of them mapped out and saved in one place. You can also go to your Recommendations bookmark on Facebook to ask a new question or help your friends.”

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    The idea is that as people are sharing their experiences on Facebook they often ask for advice such as where to eat the best Chinese food or who knows a good accountant. Facebook’s Recommendations tool helps facilitate connections and organize answers from your friends. Basically, competing with Yelp and other local recommendation platforms.

    “Whether traveling to a new place, looking for a hair salon, or searching for the perfect place to eat, people already turn to their friends, family, and local Groups on Facebook for advice,” says Facebook. “We’re rolling out a new tool that makes it easier to get and organize all those recommendations in one place.”

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    What Facebook is actually doing is taking the advice questions they are seeing by the millions each day and as friends answer, adding an additional widget of information about the business.

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    They will then map and categorize all of your friends recommendations:

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    “We’ll put all your friend’s recommendations on your own customized map so you can find everything easily,” says Facebook.

  • Pinterest Grows to 150 Million Users, Up 50 Million in Last Year

    Pinterest Grows to 150 Million Users, Up 50 Million in Last Year

    Pinterest continues to grow in popularity, having gone from 100 Million monthly users in September 2015 to 150 million today. Pinterest is also losing its status as a platform that is primarily for women, with men now making up 40% of all users, which is a 70% increase over last year. Even more amazing is that over 50% of all millennials in the US are now on Pinterest!

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    “As a Pinner once said to me, “Pinterest is for yourself, not your selfies”—I love that,” said Ben Silbermann, CEO & Co-Founder of Pinterest. “Pinterest is more of a personal tool than a social one. People don’t come to see what their friends are doing. (There are lots of other great places out there for that!) Instead, they come to Pinterest to find ideas to try, figure out which ones they love, and learn a little bit about themselves in the process.”

    He added, “Personally I can’t wait to see what new ideas all these people bring to Pinterest, and find out what happens when they give those ideas a try. Thank you all so much for being here…each and every one hundred and fifty million of you!”

    Pinterest is a Huge Business Marketing Opportunity

    The company also noted that Pinterest now provides 10 billion recommendations daily, more than 150 million visual searches happen monthly, and there are more than 1 million businesses on the service with “tens of thousands” actively advertising.

    They say that they now have over 75 billion pins and an amazing 75% of them were posted by businesses.

    “Growing the number of people on Pinterest by 50% over the last year is pretty impressive especially when you consider that Pinterest is more a personal tool than a social one,” said Jon Kaplan, Head of Global Sales for Pinterest. “People don’t invite all their friends to join, and they don’t log in to see what their friends are doing (there are lots of other great places out there for that!). Instead, they come to Pinterest to discover and do the things they love, and learn a little bit more about themselves in the process.”

    Pinterest is now able to offer marketers precise information what products people are searching for the most and who those people are and they are willing to let marketers link into that data.

    “With so many people around the world saving and searching for ideas on Pinterest, we now know more about what’s trending—and with which audiences—than anyone else,” says Kaplan. “As a business, this means you have millions of new opportunities to connect your ideas and products to the people who are most interested in giving them a try.”

    Marketing with Pinterest

    Pinterest is a unique marketing opportunity for both large and small businesses. Pinterest can be used as a traffic driver like many other search and social platforms, but Pinterest can also uniquely be used to inspire and engage audiences with your brand.

    Babylist, a unique baby registry service that allows you to put anything on your registry from ANY store, used Pinterest to rapidly grow brand awareness and engagement with their exact targeted audience. To reach the 43 million people on Pinterest preparing for a baby, BabyList optimized their website for Pinterest and included Pin-worthy content in every blog post from the start, according to the Pinterest ad team.

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    “We were surprised at just how many new registries Pinterest drove for us,” said Brittany Murlas, former CMO of Babylist. “I would describe our overall success on Pinterest in two words: Explosive growth.”

    According to Pinterest, within the first 5 months of using Promoted Pins, they saw a 70% increase in account signups and a 40% increase in revenue and heir content has been saved by more than 50,000 people to baby-specific boards.

    What’s Next for Pinterest?

    According to Kaplan, Pinterest is evolving into a “truly worldwide (platform), with more men, more ideas and more sophisticated technologies to help get the right ideas to the right people.

  • Workplace by Facebook Now Open to All Businesses

    Workplace by Facebook Now Open to All Businesses

    For a fee businesses large and small can use Workplace by Facebook as an office collaboration and communication tool. It puts all of Facebook’s features, such as workplace discussions, internet voice and video calls and a company news feed, behind the corporate intranet wall. It’s totally private and intended only for employees of the business, not the general Facebook world.

    Facebook says that they have used an internal version of this app for themselves and their roughly 15,000 employees for years. Last year, when the app was called Facebook for Work, they started testing it with a few other businesses and they now have over 1,000 organizations using Workplace by Facebook.

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    They say that people have created nearly 100,000 groups and the top five countries using Workplace are India, the US, Norway, UK and France.

    “We’re excited by the progress we’ve made and the level of adoption and engagement we’re seeing,” says Facebook in their announcement. “We’ve been amazed by the breadth of organizations who’ve embraced Workplace — from a shipping company that can now connect with their ship crews using Live video, to a bank that now uses Workplace instead of fax machines and newsletters to share updates with its distributed bank branches.”

    “Large multinational companies like Danone, Starbucks and Booking.com, international nonprofits such as Oxfam, and regional leaders such as YES Bank in India and the Government Technology Agency of Singapore have all embraced Workplace. People work in different ways, around the world, and Workplace’s mission is to help them stay connected,” they said.

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    Includes Some New Features

    Most of the features of Facebook are available within the workplace version, such as posting to a News Feed, creating Groups for niche collaboration as well as Facebook Live video to all employees or just to certain group.

    They’ve also added some additional features and are working on more. One new tool that businesses will like is an overall corporate dashboard that includes analytics and tools for integrating Workplace with IT systems.

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    Facebook also announced Multi-Company Groups, which enables companies to collaborate with Groups from other companies on the platform, while still remaining private to only the employees of the two groups. For instance, in a B2B scenario a company that designs and manufacturers furniture for a retailer, could form a Workplace collaboration and communication Group so that the retailer can be more connected to the entire creative and building process.

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    Businesses retain the ownership of the data their employees post into Workplace, and have mechanisms to export and manage all data added to the platform.

    What Businesses Are Saying

    Facebook says that the platform offers these specific benefits to businesses:

    • Companies find that they can eliminate or drastically reduce their need for internal collaboration tools such as their intranet, telephony systems, video conferencing and distribution lists.
    • Many companies find Workplace helps them do more than just simplify communications — it inspires all levels of the company to embrace digital and mobile.
    • In addition, Workplace is easy to use because it’s based on familiar Facebook features like News Feed, Groups and Messages. There’s no training required.

    They’ve also provided some stats and quotes of various businesses that are already using the platform.

    “Workplace helps our employees connect and visually showcases our global teams,” says Richelle Luther, SVP & Chief Human Resources Officer of Portland, Oregon based Columbia Sportswear. “We’re breaking down silos, communicating across functions and driving engagement, especially amongst our remote employee populations. It has definitely ignited our spirit of fun.” She says that Workplace has helped them reduce internal emails by a third.

    “Workplace allows our most important asset — our people — to be effective and productive,” says Sunil Kanchi, CIO of UST Global. “Within the first week, a post in the 6,000 member “Innovation” group shared information on a new technology under development in the field. This eliminated the need to complete a pending acquisition of a similar technology.”

    “Workplace has helped our business grow and improved efficiency by reducing unnecessary email. It helps our employees communicate across countries and has brought us closer together,” said Sebastián Fernández Silva, VP of Human Resources at MercadoLibre, a Latin America based ecommerce platform. “Several business units grew significantly simply because people found it easier to meet deadlines and get work done.”

  • Google Adds Natural Search to Drive

    Google Adds Natural Search to Drive

    Google has brought the natural search capabilities of Google Search to Drive, making it easier and more intuitive to find your company files. Google is rolling out Natural Language Processing (NLP) worldwide and immediately so that people can search Drive in the same manner as they search the internet. With over 240 million users of Google Drive (as of 2014), even small changes have a big impact on productivity.

    “Natural Language Processing (NLP) is a fancy way of saying “search like you talk,” said Josh Smith, the Product manager for Google Drive, in a blog announcement. “You can type things like “find my budget spreadsheet from last December” or “show me presentations from Anissa.” Drive will understand what you mean and give you the option to click for those specific search results. Drive NLP will get better with each query — so keep on searching.”

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    Google has also added spelling correction to Google Drive searches, also something very familiar in Google search. “When you’re trying to find a doc fast, it’s easy for typos to slip into your search,” Smith says. “Drive now has a new autocorrect feature that suggests corrections to misspelled search terms — which can really help when your brain is moving faster than your fingers.”

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    Josh Smith says that Google additionally added a couple of small features to Google Doc:

    • You can now easily split your document into multiple columns in Docs. Just choose “Columns” in the “Format” drop-down menu when you need more formatting options to get your point across.
    • We know that work happens in all types of file formats. So, when you open, convert and edit non-Google files in Docs, Sheets and Slides, we’ll now save a copy for you. Just view or download the non-Google source file in its original format directly from Revision History in Docs, Sheets and Slides on the web.
  • A Happy Workforce is a Productive Workforce

    “Who here feels happy?” asked Sir Anthony Seldon, in a Google talk last year. Seldon is the author of the book, Beyond Happiness and Britain’s best-known headmaster. Sir Anthony famously introduced happiness, or well-being, lessons at his school, Wellington College. In 2011, he co-founded Action for Happiness, a body to raise awareness of the discovery of happiness and reduction of depression, whose influence according to many is growing rapidly in Britain and across the world.

    “Who here would like to be happier?” he asks. “Who thinks deep down that other people are responsible for your happiness? Who blames other people for the unhappiness that you feel? Who blames others, in part, for the unhappiness that you feel in your life? And lastly, who believes that we have it in our power to be unbelievably happy?”

    “So the question then is, what is it that is stopping you from being happier,” asks Seldon.

    Sir Anthony Seldon provides an excellent introduction into the concept of happiness and how you have the power to either make yourself happy or unhappy. Business has caught onto this concept as an opportunity to improve productivity and profits. But how do you change an individual employees’ mindset? Here are a few thoughts from some experts.

    Shock: Happiness Impacts Productivity!

    “It’s not so shocking, it turns out that employee happiness impacts productivity in the work setting,” says Corbett Barr, Co-founder and CEO of Portland, Oregon based FizzleCo. “Of course, I know this probably isn’t news to you, but when I’m happy I know it’s really easy to get work done and when I’m bummed out or if something really negative happens it’s hard to find the motivation to do anything worthwhile.”

    “I remember back when I worked in a big company environment, if my boss was a jerk it was really hard to get work done,” Barr added. “Likewise, if the company felt like it was going nowhere or if my results just weren’t being acknowledged, it was really hard to put in that extra effort.”

    “But here’s the thing, this also applies to our work as entrepreneurs,” he said. “If you work for yourself, you’re the boss, so stop being such a jerk. Have fun once in awhile and your productivity will jump.”

    How Do You Find Happiness at Work?

    “It turns out that autonomy is a really big factor, meaning that if you have influence over where, when, and what you’re working on, it’s much easier to be happy and therefore productive in your work,” says Barr. “Of course as an entrepreneur it’s probably easier to have influence over these things then when you’re in a big corporate environments, but you still have to think about it.”

    “The next step is to lower your stress and anxiety in all facets of your life, not just your work life,” explained Barr. “This means eating well, exercising regularly, getting enough sleep, avoiding caffeine and other stimulants, and making sure that you’re letting yourself have fun on a regular basis when building your own business. It’s really easy to feel like you have to be committed to your business 110% of the time, but this can lead to stress and burnout which leads to anxiety and depression which reduces your productivity which then makes you feel more stressed and more burned out. You can see how this cycle can start to spiral.”

    “Take a breath and commit to spending less time on work and more time on staying healthy and having fun,” recommends Barr. “Your work will improve dramatically because of it.

    Happy Employees Increase the Bottom Line

    “I saw this news piece (last year) about happiness in the workplace and about how some companies were embracing these new workshops, teaching employees how to be happy,” noted Stephen Goldberg is the founder and president of Optimus Performance, which offers companies training programs to help motivate and improve the productivity of their employees. “I thought that was really interesting.”

    “One of the company’s was a pharmaceutical Sanofi here in Montreal another one was Kohl’s in the United States,” said Goldberg. “They were saying how the happiness workshops were paying off fantastically in terms of improved productivity and Sanofi said it actually created an increase of about 40 percent in productivity and the bottom line.”

    “So yes, you can provide motivation to people in the form of teaching people how to be more happier and I think that’s a great thing to do,” commented Goldberg. “But I think it’s a responsibility of each person to find their own happiness, because really happiness is an experience, it’s a feeling inside that we have and yes certain things that we do can cause that feeling.”

    “It’s really something independent of everything we do on the outside,” he said. Otherwise, we’re always dependent on doing things or having things that are going to cause certain happiness.”

    Employee Happiness is Contagious

    “Imagine if everybody came with the mindset of appreciation and giving and helping each other in an organization,” exclaimed Goldberg. “That would really sparked teamwork and would also create a better performance, because people would be supporting each other much better.”

    “Of course, the employer has a responsibility when it comes to performance, not just creating a happy workplace, but also providing the tools and the support so that people can do their jobs,” says Goldberg. “Even if they’re motivated for their work, they need those tools, support and direction. They need clarity to know what’s expected of them.”

    Turning Your Brain Happier While You’re At Work

    “We know that in the traditional business world, employees and managers think about happiness as something that you do at home, something that you do on your own time, that work is for work and that doesn’t necessarily make you happy,” says Eric Karpinski, Co-Founder and Director of Strategic Development of Potentia Labs, a neuroscience-based behavior change platform for enterprise talent development. “I want to turn that concept on its head.”

    “I think it’s been turning over the last 10 to 20 years, people know that’s not really the core, but it’s still at the base of a lot of our assumptions around work, that it’s supposed to be something we are constantly focusing on,” he said. Karpinski says that research shows that happiness actually leads to success. “If you can find a way to turn your brain happier while you’re at work, it will give you all kinds of benefits.”

    “You can increase your happiness,” he adds. “A lot of happiness and positive emotions in general are about choice. We can choose to feel happier.” Karpinski believes that by changing your habits you can actually rewire your brain so that you are more likely to “grab onto your happiness and notice the good things.”

    “Happiness is infectious,” he says. “As each of us take on habits and start doing things that are going to help us be a little happier each day, we spread that out to our teams at work, to our families, to our communities and to our friends, and that lets everybody else tap into the benefits of being happier.”

  • How to Fight Our Caveman Impulses to Create a Positive Customer Experience

    How to Fight Our Caveman Impulses to Create a Positive Customer Experience

    This is not your granddad’s customer service advice says Adam Toporek, author of the book, Be Your Customer’s Hero: Real World Tips and Techniques for the Service Front Lines. Toporek recently was on C-Suite TV where he talked about how organizations should train and motivate their front-line employees in order to increase sales.

    Front-line employees are the employees that are the first to deal with customers such as the cashier, those working on the service floor or anyone dealing with customers face to face in the store, phone or email. It’s the first level of dealing with the customer at the lowest level in the organization.

    Motivate, Don’t Educate

    I think education is really focused on imparting knowledge. With front-line employees knowledge isn’t enough, you need to be showing them how to use that knowledge and showing them how to understand their own feelings and their own emotions. The motivational part is actually about getting them confident with the tools and the techniques so they feel more motivated to want to go out and do a good job.

    A lot of front-line employees really have difficulty with the challenges of front-line service. And when they do they sort of turtle up and shell in and you want to bring them out of that and give them that confidence.

    Customer Service Versus Customer Experience

    Customer experience is the entire journey, the entire experience a customer has with the organization. Customer experience involves a marketing piece they may get or an email, it’s not just a point in time. Customer service in the traditional lens is a part of customer experience. It’s more about that one to one interaction and helping to serve you in the moment.

    But that may not be the entire experience. Let’s say I’m working at a bookstore and I’m behind the counter, the customer service would be while I’m helping you. Customer experience may be were the isles cleaned, were they neat and organized? All of that feeds the experience or as we talked about the customer journey.

    Mentality and Mindset

    Mentality and mindset is what I really wish I knew and understood when I was young and on the front-lines. Not only understanding the customers mindset but what makes them tick and why they do what they do. Also my own mindset, why am I taking something personally, why can’t I depersonalize the situation, why am I getting upset when I don’t need to be? So many front-line people, they’re not experienced in the world or in business in a lot of cases and they don’t have these skills and this lens on how we all think.

    We Still Have Caveman Brains

    If you look at it from the standpoint of experience, what does every experience have in common? The are all filtered through this imperfect organ called the human brain, so it behooves us to understand how that human brain works. The good news is that we live in the golden age of psychology. We’ve learned more about neuroscience and what makes humans tick in the last few decades than we have probably ever known before. The bad news is what we have learned is that we are all basically irrational. Our mind is designed to take shortcuts.

    If you look at sociology, society, digital technology, all of these things have evolved very rapidly, but our brains have evolved pretty slowly. We still have, unfortunately, caveman brains which are designed to make snap judgements to survive. These snap judgements aren’t that firm when it comes to customer experience.

    Making Our Caveman Brains Work For Us

    Here’s how you can apply these principals to customer experience. We’ve all heard of first impressions and their is a ton of research on first impressions and they all basically say the same thing. No matter what the study is, first impressions happen subconsciously and they happen very quickly.

    There is another principal called confirmation bias and that is the principal that we all want to be right, which is why politics is so much fun. What we do is ignore the evidence that tells us we’re wrong and we accept the evidence that tells us we are right. When you combine those two things that’s an important factor when you are designing a customer experience. You take a first impression and you combine that with confirmation bias and what do you have? You have a bad first impression and you are already in the hole.

    The human brain is trying to tell them that that first impression and what they already believe is correct. Similarly, there is something called negativity bias which is why the evening news always leads with something like ‘your microwave is going to kill you’. We are attuned to negative information, we are always looking to what’s a threat. We give more credence to negative information than to positive information, meaning if you give a bad experience it is going to be weighted heavier than a positive experience.

    What I find fascinating from a customer experience standpoint is that you can use all these psychological principals and evaluate each touch point, each place where you come in contact with a customer and say how are we violating them, how are we prepared if we set those off? How are we prepared to deal with that or our team trained for that?

    The Customer is the Customer

    Customers can not only be wrong, they can be nuts and mean at times, all kinds of different things. The problem with the traditional concept of ‘the customer is always right’ is that the principal behind it got lost and the phrase carried over. That was from a time that their wasn’t customer service and they were trying to teach people that the customer is valuable, their opinion is valuable.

    We try to look at it as the customer is the customer. That means that you and the customer are not on the same level. It’s called customer service and we are there to serve the customer. They are our focus and they are not there to give to us. They should be decent of course and there are some lines they shouldn’t cross, but big picture, it’s customer service and we’re there to serve.

    We know what a customer is in modern times and if you are a customer centric organization, what you are doing, your actions, your processes, your systems should all be revolving around the customer.

  • What’s the #1 Thing Founders Should Avoid Doing in a Pitch?

    What’s the #1 Thing Founders Should Avoid Doing in a Pitch?

    Earlier this week LinkedIn launched 30 second videos for Influencers. One of the first questions put out there by LinkedIn was about what not to do in a pitch meeting. There were some very interesting and helpful answers for any entrepreneur facing a pitch to venture capitalist companies.

    What’s the #1 Thing Founders Should Avoid Doing in a Pitch?

    “I see hundreds and hundreds of pitches literally, being a Shark on Australia’s Shark Tank,” says Naomi Simson, Founding Director RedBalloon and popular author, blogger and speaker. “The most important thing is that people quickly and effectively bring us into their world, talk about the problem but also somehow relate it to us. We want to feel connected and we want to feel empathy. Business is about numbers, but it’s also a people game.”

    “Founders must understand that passion is everything,” says Tony Elumelu, who is Chairman at Heirs Holdings based in Nigeria. “If you speak to me and show me no passion I will kick you out of the room.”

    “What do I really hate in pitch meetings, when founders start talking about potential exits, especially at the seed stage where I mostly invest,” noted Hunter Walk, who is a Partner at Homebrew VC and formerly with YouTube, Google, and Second Life. “I don’t want to hear about how you are going to exit out of the company, I want to hear how you are going to build it.”

    “Founders should never assume the customer or investor has as much industry or product knowledge as they do,” says Creel Price, Founder & Director of Investible. “You might have come up with your product over the course of a year and you understand your industry intimately. The investor or customer doesn’t. Rather than take that salesman (approach), come in there with more of an education mindset. Leave the techno speak, the jag, the assumptions and the blind faith at the door and start to educate them on why this is such an amazing opportunity and what you would like for them to do about it.”

    “The number one thing founders should avoid in their pitch is trying to prove that they have a world class team,” commented Guy Kawasaki, who is a marketing and advertising world class speaker and evangelist for Canva. “They don’t have a world class team, that’s why they’re pitching for money. So get to your product, get to your service and explain what the hell you do. Just get to that really quickly. Think F18, not 747.”

    “Please, please… eliminate the word “meet” from any one of your presentations,” added Christopher Schroeder, internet/media CEO and venture investor. You know what I’m talking about. Our idea of Snapchat meets Dropbox meets Pokemon Go, on and on. Don’t overdrive by analogy in a presentation. Don’t drive by the rearview mirrors or sideview mirrors because you’re going forward and it’s about the future. I don’t think Facebook said it met anything. Can you imagine them saying that overall we are MySpace meets Lycos or what have you? I don’t think so. You are your company.”

    “I’ve invested in about 10 startup companies, my most successful being LearnVest, which had an amazing exit last year and an amazing founder Alexa von Tobel,” commented Jacki Zehner, who is CEO of Women Moving Millions based in the New York area. “One thing founders have to avoid doing is acting entitled to my money. It’s one thing to show up confident, have your story, but you should be grateful that anyone’s listening to your story. Don’t be too humble, be confident, but don’t act entitled.”

    “One of the most important things to do in a pitch meeting is to bring a deck,” says Tomasz Tunguz, Venture Capitalist at Redpoint. “A lot of founders come in just wanting to have a conversation. That becomes a challenge because it’s really hard to structure a conversation, support your points with data, and tell the story of the business in the best possible way. So, next time you pitch a VC, please bring a deck.”

    “Investors invest in businesses that are as validated as possible,” said Sramana Mitra, who is Founder at One Million by One Million (1M/1M) based in San Francisco. “Do not pitch concepts.”

  • Study: Media Companies See 42% Facebook ‘Reach’ Drop

    Study: Media Companies See 42% Facebook ‘Reach’ Drop

    According to a study by SocialFlow, publishers and other media companies are seeing a 42% drop in Reach per post on Facebook. ‘Reach’ includes any activity on your posts including sharing, liking and commenting.

    SocialFlow kept hearing from their clients about Reach declining on Facebook since Facebook launched its new News Feed algorithm earlier this year. Their study looked at 3,000 publisher/media companies’ Facebook pages and the reach of posts over the last year.

    Jim Anderson, CEO of SocialFlow, discussed their new discoveries in a Live Facebook chat:

    Screen Shot 2016-06-06 at 2.42.54 PM

    Anderson stated, “Starting in February we saw the Reach sort of dip and then plateau and its been relatively flat since that time. That correlates annotations that you have heard from people anecdotally that their Reach was not what it had been before.

    If you really want to understand what’s going on you’ve got to say well that was the Reach we got, 42 billion back in January, but how many posts did it actually take to get that reach? What’s the oomph for each post that you get? You see the data (below), this is the number of social posts over time:

    Screen Shot 2016-06-06 at 2.49.05 PM

    If you take Reach and divide by the number of posts you get a Reach per Post metric. How many posts did it take to get you that reach? That’s what the slide below is showing:

    Screen Shot 2016-06-06 at 2.56.00 PM

    Per Anderson in the video, “What we see is that back in January post were getting on average a 120,000 Reach and now we are down to around 70,000 in just the span of about 5 months. That’s a 42% drop in Reach! This is evidence in part of Facebook’s algorithmic changes.”

    Is there anything publishers can do to improve their Reach on Facebook?

    Anderson offered this advice: “What you want to do is some experimentation with the types of content, your posting frequency, live video, video in general and are you too heavy with images. Facebook algorithms are constantly being adjusted and what performs well with your audience as a media company are going to have to be determined.”

    Watch the full video here: