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The right software makes your business so much easier to run. However, outdated software is much less useful than state of the art software. Let us take a very close look at some reasons why it is important to keep your business software up to date.
Small businesses have been hit especially hard during the COVID-19 pandemic, as cities across the country enacted strict lockdown measures that restricted all business other than those deemed essential. To stay afloat, many companies have had to adapt by upgrading their systems — both technological and physical — in order to operate. And for businesses who simply had to shutter their doors while waiting for lockdowns to lift, small business loans have become vital to keep companies from folding altogether.
The success of a small business depends in large part on its public media relations. Promoting the company to the public in effective ways can help to build the brand and attract consumer interest. Here are some things a small business can do to enhance public relations.
When it comes to being a successful entrepreneur, “knowledge is power.” So, if you’re on a quest to build your knowledge hub, where do you go?
In today’s digital age, the natural inclination might be to listen to a podcast, watch a YouTube video or attend a Ted Talk. Make no mistake, these can be valuable resources for gaining business insights, but they don’t give you the detail that 300+ pages might offer. Yes, If you want exposure to new ideas, modes of thinking, and a library of diverse knowledge, then cracking open a book on the regular is an essential part of being a successful founder. (more…)
The COVID-19 pandemic likely is not like anything you have ever experienced before. And if you oversee a business, then you have been forced even more to adapt and make changes.
Of course, you have been trying to make sure you save money during the global crisis, but what you are going to do when all the COVID-19 restrictions are removed? How do you plan to save money then?
The coronavirus is all over the news and basically the only thing on everyone’s minds. Consumers and businesses are in a state of limbo. There are still so many unknowns at this time, everyone is still trying to figure out what to expect.
Today, we’ll focus on a few potential positive and negative outcomes. Overall, negative outcomes will likely fall into two major categories: loss of business and sickness. The travel, tourism, and event industries are the most likely to feel the impact of the virus. Companies in these fields should evaluate their current financial situation and find ways they can quickly save money or cut costs. These companies should also consider thinking about new ways they can serve their customers during this time.
Although it may seem bleak, there is help on the way. Actions are already being taken by lawmakers to protect small businesses, and there are some ways businesses will be positively affected. On March 6th, President Trump signed an $8 billion emergency funding package to support small businesses impacted by the coronavirus. This will make it easier for businesses that need extra capital to get it.
If your business could use a marketing makeover, help is more readily available than you might guess. But you don’t have to spend huge sums of money to pay for expensive advertising agency help. Take advantage of low-key, yet effective services that can make your business more attractive and appealing to public consumers.
Billing is a necessary part of every business. Simply put, you need to make money in order to pay your employees and keep your business running. If you’re having difficulty with your client billing, here are four suggestions for making it easier for everyone involved.
Empathy is the ability to understand the feelings and vulnerabilities of those around you. Having a strong standing team that is able to notice when someone may need help, or have a good sense of direction when navigating a tough conversation is key. As your small business starts to expand and more team members start joining your team, exercising this skill is crucial.
Whether you are putting your time and energy towards building a more positive working environment this year, or you’re wanting to grow your client list, empathy is a great place to start. Research shows that over 60% of employees would take a pay decrease to work on an empathetic team—proving that investing in your employee’s well-being should be a top priority for industry leaders.
On the flip side of this, showing empathy for your employees doesn’t just happen overnight. There are a few small changes to be made for a long term impact on your team.
Empathy has various different pros and cons when it comes to a work environment. There is such a thing as being too empathic, or not showing enough empathy. Educating your team about the different types of empathy and which to portray is a great starting point.
1.Cognitive Empathy
Also known as “perspective-taking,” this type of empathy focuses heavily on understanding one’s emotional state. This empathy type provides a comfortable and flexible company environment to help build your team’s ability, goals, and aspirations for growth.
2. Emotional Empathy
This type of empathy is also known as “effective” or “primitive” empathy as it triggers an emotional feeling on a deeper level, affecting one personally. For instance, if someone got in trouble for a project gone wrong, you might develop fear over losing your job or making the same mistake.
3. Compassionate Empathy
Compassionate empathy is the most actionable of all three. This involves seeing someone go through pain, experiencing it emotionally yourself, resulting in an instant desire to help. For instance, say an account executive isn’t meeting their goals that month and have been put on a performance plan. Compassionate workers will do everything in their power to help direct prospects to that team member, schedule additional educational meetings, or give sales directly to them.
Increasing empathy on your team can have a positive impact on your team’s productivity, in turn, optimize your initial salary investment on your employees. Show your team you care this year with Fundera’s roadmap to practicing proper empathy in your workplace.
Meredith Wood Vice President and Founding Editor at Fundera, Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email: meredith@fundera.com.
Streamlining the payment process is a part of ensuring that your business offers excellent customer service. You don’t want the process to be confusing or time consuming. Here are some of the areas in which you’ll want to focus your efforts.