Rosemary, Author at Successful Blog Page

How Technology Is Changing Business Communication for the Better

April 30, 2020 by Rosemary

By Kayla Matthews

Communication is central to running any successful business. From customer service to employee performance reviews, nearly every aspect of business relies on clear communication. As with many other areas, technology is providing new and improved ways to communicate.

Technological innovations have always driven improvements in business communication. Just as the telephone and email revolutionized business communication in their times, modern technology is revolutionizing it again. Advancements like blockchains and artificial intelligence (AI) are changing how you interact with employees and customers.

1. Gathering Customer Data

Data collection and analysis are the heart and soul of modern business. With communication tools like chatbots, you can gather customer data from your communication with them. You can then use this data to tailor future interactions with them on an individual level.

More than 90% of customers prefer interacting with brands that offer personalized experiences. The best way to provide personalization is by logging customer history and preferences. With data analytic technology, every instance of communication is a chance to improve future customer interactions.

2. Protecting Privacy

In the digital age, keeping conversation private is a growing concern. But just as advanced technology presents new threats to privacy, it also provides ways to protect it. The desire for secure communication is one of the driving forces behind blockchain adoption.

Blockchains are encrypted, decentralized ledgers of information. Unlike traditional forms of communication, blockchains aren’t subject to the prying eyes of governments or telecommunication companies. You can send data to a colleague on a blockchain to keep it private and unchangeable.

3. Expanding Remote Communication

Modern technology makes remote work and communication a more viable option. Services like video conferencing expand the possibilities of long-distance communication. Now you can meet coworkers or clients “face-to-face” without even being in the same room.

Today’s remote communication technology also provides increased flexibility. With platforms like Google Meets and Zoom, you can participate in group meetings from home with minimal setup. Communication, both with employees and customers, is more convenient and reliable than ever, even across long distances.

4. Automation Through AI

Artificial intelligence (AI) is one of the most promising technologies in the modern business world. It has applications in everything from logistics to organization, including communication. When businesses face staff shortages, they can use AI to take over customer relations.

AI-powered chatbots can hold natural and informative conversations, providing competitive customer service at any time. On top of being available around the clock, these systems can access customer data while speaking to customers. That way, they can provide relevant, personalized answers in real-time.

5. Increasing Collaboration

Business communication doesn’t just have to be clear and reliable, but it has to be thorough. Collaborative technologies like cloud computing enable you and your coworkers to communicate and collaborate across any distance. You can share documents through email, but on the cloud, you and your coworkers can edit them in the same place.

Other communication tools, like social media, allow you to collaborate more with consumers. You can interact with users on social sites to create or refine customer-centric experiences. By involving your consumer base, you improve your company image and offer more desirable products or experiences.

Improving Your Communication

In today’s day and age, flexible, thorough communication is a must. Novel communication technology allows companies to adjust to unforeseen circumstances like the coronavirus outbreak. Thanks to these technologies, businesses can shift to remote work with relative ease.

To stay competitive in today’s business world, you need to communicate better. To communicate better, you need to take advantage of the technology available to you. Implementing new services for both internal communication and customer service will help you stay ahead of the competition.

Variation is key. If you rely too heavily on one form of communication, you’ll be in trouble if it fails or becomes outdated. But with varied and forward-thinking technology adoption, you can improve and secure your communication all around.

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Photo by Alexander Sinn on Unsplash

What All Businesses Should Know About 2020 Taxes

April 9, 2020 by Rosemary

By Kayla Matthews

Knowing what’s new with tax specifics this year helps you feel well-equipped when filing your returns. Here are some crucial things to keep in mind as you prepare your 2020 taxes.

The Federal Tax Deadline Is Now July 15 for U.S. Filers

Perhaps the most important thing to know for planning purposes is that you have a little more time to get your returns filed. The Internal Revenue Service (IRS) announced that it moved the 2020 filing deadline forward three months. Due to the COVID-19 pandemic, It’s now July 15, rather than April 15. You do not need to request an extension to avail of the extra time.

Moreover, this new deadline also applies to estimated taxes that some self-employed professionals would have paid on April 15, 2020. Bear in mind, though, that you still need to get the second quarter’s payment in by June 15, 2020. States have taken a variety of different approaches with their tax deadlines. Some opted not to change them, while others permitted extensions. Check for the details associated with your state to avoid late payment penalties.

You May Qualify for COVID-19-Related Assistance

The coronavirus government stimulus package is a much-discussed topic these days. It will see a large percentage of taxpayers getting $1,200 deposited into their bank accounts. There is also an assortment of other forms of assistance that may apply to you. The IRS set up a dedicated page to inform people of what’s available and how to apply for it.

Employers should keep in mind that their businesses may be eligible for the Employee Retention Credit. It provides a tax credit for up to 50% of the qualifying wages paid to employees. Moreover, there are refundable tax credits given to small and medium-sized businesses to cover the costs of paid sick and family leave associated with COVID-19.

The IRS spells out the details of each assistance program on its website. Instead of assuming you qualify for something, take the time to read the information to check.

Deducting Expenses Is Not Always Straightforward

One of the most time-intensive tax tasks for many people involves deducting their expenses. That’s because tight parameters dictate what you can or cannot deduct. The lack of clarity may also exist regarding whether something is a tax or not.

One recent instance involved the Rhode Island Department of Transportation tried to collect toll fees exclusively from commercial trucks to fund roadways improvements. A court ruled that the word “tax,” as found in the Tax Injunction Act (TIA), does not include tolls.

However, the IRS has standard mileage rates you can deduct for business-related driving. In that case, the permitted deductions include tolls, as well as parking fees. The standard rate for business travel is 57.5 cents per mile this year — down from the 58 cents allowed in 2019.

You may also wonder if it’s possible to deduct expenses associated with working from home due to the coronavirus pandemic. The surprising answer is that you cannot deduct the item as an employee, but your company can.

Some companies pass the benefits onto workers. Section 139 of the federal tax code allows tax-free reimbursements of “reasonable expenses” to employees due to disasters, including the COVID-19 pandemic.

Sustainability Credits Remain in Effect

The tax incentives for energy-efficient commercial and residential buildings will stay in place through December 31, 2020. Additionally, if you buy qualifying energy-efficiency equipment (such as solar water heaters and geothermal heat pumps) for your home, the credits for those are available through December 31, 2021. However, the percent of the cost eligible for a tax break takes a step-down approach.

If you begin using the equipment after 12/31/2019 and before 1/1/2021, the tax credit is 26%. However, it drops by four percentage points if you put the purchases in service from 12/31/2020 to 1/1/2022. The credits apply to existing and newly constructed homes that you own. Rental properties do not qualify.

Some People Can Dip Into Their Retirement Savings Without the Usual Penalty

Another recent development associated with COVID-19 tax relief allows qualifying parties to access their retirement savings early without the 10% penalty usually incurred. Affected individuals, such as those diagnosed with COVID-19 or caring for a spouse who has it, can withdraw up to $100,000 in savings under that arrangement.

Also, if you have a 401(k), the new stipulation allows six months of taking loans from an account equaling $100,000 or 100% of the account balance, whichever is lower.

Numerous New Tax Developments

This overview shows why it’s crucial to learn about this year’s tax changes before starting to file. Getting informed is a practical way to ensure you know about all the breaks and incentives applying to you or your enterprise.

Photo by Leon Dewiwje on Unsplash

3 Challenges Faced by Women Entrepreneurs

March 19, 2020 by Rosemary

By Kayla Matthews

Entrepreneurs always face a plethora of challenges when they’re trying to make their way in the world, from funding to building a customer base and creating a business that can grow and thrive while thinking outside of the traditional commercial box.

While we’re not discounting any of those challenges, working as a women entrepreneur in today’s world is even more difficult. What are some of the most common challenges faced by women entrepreneurs and what can be done to overcome them?

A Lack of Venture Capital

Starting a new business or an entrepreneurial venture — regardless of industry — requires one major thing — funding. Studies have found that businesses that are run by women see less investment than those run by the opposite sex. In fact, one study found that between 1997 and 2000, women entrepreneurs only received 6% of venture capital funds invested. You can deduce where the other 94% went.

Sometimes the problem is that these women entrepreneurs are creating products, services, and technology that are designed to make a woman’s life better — and male investors are hesitant to invest in things that make them uncomfortable like organic tampons or other similar improvements.

The recently coined phrase FemTech might start to change that because instead of investing in a female-centric product that makes them uncomfortable, venture capitalists can simply say they have a FemTech company in their investment portfolio.

Creating a Healthy Work/Life Balance

Creating a healthy work/life balance is challenging for everyone. You need to be able to find that middle ground between working too much and not working enough, and for entrepreneurs who are often throwing everything they have at their new venture to see what will stick, it becomes even more challenging.

Throw in the traditionally female responsibilities of homemaking and child-rearing and you’re left without enough hours in the day to even scratch your nose.

Female entrepreneurs need to take the time to build their work/life balance to ensure that they are thriving alongside their new ventures. Creating a successful new business doesn’t mean much if you’re too burned out to enjoy your success. Create distinct boundaries between your work and home life and, outside of an emergency, enforce them.

Fighting Gender Discrimination

Being a woman in a man’s world is a constant fight to be taken seriously, and sometimes it feels like you’re constantly having to play the game to gain an inch at a time. If you’re polite and quiet, you’re ignored, but if you speak up and demand to be heard your bossy and aggressive — and those are probably the nicest things they’ll call you.

Gender discrimination manifests itself in every aspect of the entrepreneurial process. You even make less – as of 2016, women made 81.9% of what their male counterparts earned in the same industries and positions.

There is no easy fix for this challenge. You’ll find yourself having to fight for every accomplishment, but that makes each one mean that much more. Don’t give up, keep pushing forward. You’ll find that once you’ve fought and clawed your way up, that they’ll respect you more for it. We won’t sugarcoat it — it’s going to be hard, but it’s something that needs to happen to pave the way so that it will be easier for female entrepreneurs

Looking Toward the Future

Being a woman entrepreneur in today’s world is not an easy task. If this is the path that you’re thinking of following, be prepared for the challenges that you will face. It’s a worthy task but not one that should be undertaken lightly. If you decide to start down that path, just remember why you started and don’t give up, no matter what they say. You can do this.

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What is Workplace Personalization?

March 5, 2020 by Rosemary

By Kayla Matthews

If you traveled back in time and picked up an office worker from the 1950s, they wouldn’t recognize the modern office space as somewhere that you’re supposed to work. The cookie-cutter cube farm is a thing of the past, in favor of open spaces, natural lighting, and workplace personalization. What is workplace personalization and what are the benefits of personalizing your workspace?

What is Workplace Personalization?

If you’re not familiar with the concept, what is workplace personalization? This is one question that if you ask 100 different people, you’ll receive 100 different answers, but most of them agree on one point — that personalization is all about comfort. That can mean different things to different people.

Some might be more comfortable in a private office with a set of noise-canceling headphones while others might be at their most productive in an open-floorplan office where conversations mingle with business discussions.

To us, workplace personalization means making your workspace your own, so it’s a place where you want to spend all your time. The average worker spends upwards of 90,000 hours working throughout their lifetime. What sounds more appealing — spending 90,000 hours in a stark office space or spending that time in an office that you’ve customized to make it your own?

Benefits of Workplace Personalization

What are the benefits of workplace personalization? It can vary from office to office, but in general, workplace personalization can:

Encourage Productivity — People thrive in different environments. For some that noisy open-floorplan office is ideal, while for others it’s detrimental to their productivity. With that in mind, employees can bring noise-canceling headphones or even take steps to diminish noise in the office so they can be as productive as possible without interfering with others.
Improve Communication — It can be tricky to stay on task while you’ve got people walking past your desk or talking to you all day long. Allowing employees to personalize their work space gives them the tools to communicate more effectively, whether that means putting a sign up that says “E-mail Only” or restricting communication to specific times during their scheduled workday.
Creates a Staff-Led Office Culture — Workplace personalization helps to foster a relationship between employees and employers that makes the employees feel special, creating an office culture that’s led by the employees rather than by management.
Keeps Costs Down — In some situations, personalization means bringing in your own tech and equipment from home, as long as it works with workplace security. This can be an incredible benefit for small businesses and startups that might be looking for a way to cut costs since they won’t need to provide expensive equipment.
Makes People Want to Come to Work — Finally, while it isn’t the only thing you can do as an employer to make people want to come to work, it definitely helps.

How to Personalize Your Workspace

If you’re not sure where to start, here are a few ideas to help you personalize your workspace so you’re comfortable in the office.

Make it feel like you. Add knick-knacks to your desk, hang pictures on the walls, whatever it takes to personalize your space and make it feel like part of you. What you bring might depend on how secure your space is and how well you trust your coworkers, but you get the idea.
Make it work for you. If you can’t stand being interrupted during your day or ambient conversations bother you, soundproof your office or invest in some noise-canceling headphones and hang a sign on your door telling people to email or message you.
Encourage others to do the same. If your employer is encouraging people to personalize their space, they might be hesitant to be the first to jump on that train. Blaze the trail and others will follow.

Looking Forward

Office personalization is a new and emerging trend but it is one that will likely gain more popularity in the future. However you look at it, those cube-farms that were so popular during previous generations are a thing of the past. We won’t be seeing them again anytime soon.

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How Entrepreneurs Can Build a Stronger Personal Brand

February 27, 2020 by Rosemary

By Michael

While your company’s brand is key to its success, building a strong, personal brand around yourself is just as vital.

Since the modern consumer trusts people more than corporations, personal branding is more important than ever. Many people believe organizations and companies speak and act with only profits in mind.

When employees share content, it receives 8 times more engagement than the content shared by the brand’s social media accounts. Considering that we are bombarded by advertisements everywhere, this may not be so surprising.

Personal branding allows you to build an identity within your industry and gain a reputation that will benefit your business.

To establish a personal brand, you need to find a recognizable voice of your own, a signature image, and a standard that your customers, readers, and fans will recognize—just as with traditional branding.

Assess What You Already Have

Which of your skills do people need? What do people already know you for? What do you want to be known for?

Begin by evaluating what you have already done. For instance, if you have published some content, see which posts have performed the best. If you haven’t written anything yet, think about what people ask you about the most.

Your specialty doesn’t have to be the same as that of your business, but it should encapsulate something you want people to associate your business with.

For instance, Richard Branson, a master of personal branding, is famous for being adventurous. Because of this, many see Virgin as an exciting, risk-taking brand.

Keep in mind that quite a lot of aspiring entrepreneurs are devoted to personal branding. If you want to stand out, it’s best to develop a personal brand within a specific niche.

Choosing a general field like “human resources” or “marketing” isn’t enough, as they are far too competitive. So, for instance, if you are a marketer, you could focus on a very specific niche such as print marketing for small businesses, where the competition is lower.

You’ll have a better chance of proving your expertise with a niche focus. Even though your target audience will be smaller, it will be much more relevant.

Build Up Your Online Presence

Sophomoric Facebook activities, unprofessional Twitter feeds, and incomplete LinkedIn profiles are a strict no-no. One survey found that 70% of employers screen social media profiles of candidates.

As a self-employed entrepreneur, you don’t have to worry about HR checking out your Insta feed, but you do have to consider what impression you’re leaving on your customers and clients. Think of them as your employers.

Social media is the engine of personal branding, so one must treat it with respect.

Your audience will want to know more about you as a person. Social media gives you a chance to present yourself as a relatable individual, but still a professional.

LinkedIn has proved to be an excellent platform for personal branding, thanks to its organic reach. It’s a great place to share problem-solving strategies and personal success stories.

Short, 200 to 400-word posts with captivating headlines and interesting openers will grab people’s attention. By regularly posting content, you can increase your brand awareness.

You can search Medium and similar content-sharing platforms to check what topics are hot at the moment. Then, you can use those topics to jump-off your next video or blog post. You can stay relevant by offering your personal take on a current topic.

Get Others to Promote You

While social media is your greatest ally, you must exercise restraint while using it. You don’t want your audience to see you as a self-promoter. Jeffrey Pfeffer, a Stanford Business School professor, wrote about how self-promoting behavior can turn people off in his book “Power.”

Too much self-promotion will damage your reputation. Pfeffer suggests asking others to help you develop your personal brand.

For instance, if you are an SEO specialist who has helped a buddy with their business site, ask them to give you a LinkedIn recommendation or to share a story on how you helped them rank better.

Make a Business Plan

Treat your brand like a company asset. You need a 3-month plan with concrete steps that lead to your goals. Be as specific as you can. For instance, you can aim to have your first guest post published within the next 3-months or to create 2 pieces of content every month.

Just like with any other type of plan, accountability is key. You can find an accountability buddy who will help you stay on track.

Building a personal brand takes time. You’ll have to publish quite a few blog posts before you become a keynote speaker at a conference.

But, if you put enough time and effort into personal branding, you can expect a great ROI. You owe it to your business to start.

Author Bio:

Michael has been working in marketing for almost a decade and has worked with a huge range of clients, which has made him knowledgeable on many different subjects. He has recently rediscovered a passion for writing and hopes to make it a daily habit. You can read more of Michael’s work at Qeedle.

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A Guide for Starting a Private Foundation or Philanthropic Business

February 20, 2020 by Rosemary

By Kayla Matthews

Today’s consumers are becoming increasingly conscious of their spending habits and keep close tabs on where their money is actually going.

This has led many companies to reconsider their philanthropic efforts and begin supporting charitable causes. And, if you’re one of these businesses looking to boost both your revenue and your giving, investing in a private foundation or philanthropic businesses may be the move.

The Benefits

There are a number of advantages to becoming a philanthropic business or starting your own private foundation. One such advantage is an improved reputation. The public will likely notice the goodwill your company generates and will form a favorable opinion of your brand. This may lead to increased sales and even create a new market, especially in impoverished communities or those without prior knowledge of your products or services.

Moreover, if you donate to a local cause or organization, you’re taking company profits and reinvesting them into the same community that invested in you.

Another benefit of becoming a charitable business is your efforts will likely attract top talent. Younger workers are looking for more than just a paycheck — they want to make a difference. So, naturally, they wish to work for a business that values charitable giving. In fact, 79% of employees want to work for a company that contributes to society. And 55% would choose to work at a socially responsible company, even if it meant a lower salary.

Are You Ready?

So, if you want to attract both customers and employees by giving back to the community, it’s time to seriously consider whether you’re ready to start your own private foundation. Of course, one of the most important things to think about is the amount of money you can dedicate to such efforts. If you’re going to create an in-house volunteer team or commit to donating to a certain charity, there is no minimum cost requirement. However, you must still determine how much you can afford to allocate to philanthropy efforts.

And, in regard to starting a private foundation, traditional guidelines suggest a $1 million to $2 million investment. However, this amount may differ depending on your company’s size and monetary situation. And your initial investment will likely not amount to this large sum. Rather, your business and fellow donors will donate to work toward this goal over time.

It is important to note, though, there is a payout requirement for private foundations. This requires non-operating foundations to distribute 5% of their fair market value of investment assets to charitable efforts each year.

Starting Your Own

Once you’ve decided how much money you can afford to invest in philanthropic efforts, it’s time to begin putting your plan into action. Here are a few important things to keep in mind when creating a charitable giving initiative.

Decide on a Foundation Type

One of the first steps to becoming a philanthropic business is deciding what kind of giving you’ll be taking part in. There are a few options to choose from — partner with a non-profit, start a private operating foundation or a private non-operating foundation. These are three very common avenues your business may choose to take.

Partnering with a non-profit may be the simplest since you’re simply joining a cause instead of creating your own. However, this still entails a fair amount of time, planning and organization. For example, you’ll want to dedicate time to find an ideal nonprofit with which to partner, recruit and manage volunteers, — and willing employees — define volunteer roles, develop an orientation program and actually go volunteer.

Similar to a nonprofit partnership is a private non-operating foundation, which grants money to charitable organizations. And, as previously mentioned, regulations require these foundations to pay out a certain amount of money each year in grants. A private operating foundation, on the other hand, distributes funds to its own charitable programs. This type of foundation must either spend at least 85% of its income, or its minimum investment return, on direct charitable expenditure — excluding grants.

Know the Tax Requirements

The IRS requires all private foundations to submit an annual 990PF tax return since your business won’t be considered a public charity. However, you’ll still be tax-exempt as long as you donate the minimum required amount according to your foundation type.

In order to receive your tax-exempt status, you’ll need to file the correct paperwork and fill out Form 1023 which will inquire as to your foundation’s financial information, grant-making guidelines and other details. Additionally, the IRS may have questions about your application, so be well-organized and prepared to thoroughly answer any inquiries.

Featured Photo by Sandy Millar on Unsplash