Blog - Successful Blog -

Are You Properly Managing Your Business?

May 6, 2020 by Thomas

Running a business is a full-time job and then some.

That said how are you doing when it comes to properly managing your business?

If things could be better, you want to be sure you act sooner than later.

Failing to take care of your business needs could well come back to haunt you if you are not careful.

So, where do improvements need to be made on your end of things?

Don’t Let Bad Management Ruin All You Have Worked for

In looking to make sure your business is getting the proper management, focus in on the following:

Employees – Unless you are the company’s only employee, you have people working under you. As a result, make sure you have taken the time to hire the right individuals. If you did not, they could be hampering your company’s ability to succeed. Yes, it takes time when it comes to interviewing people for jobs. That said take whatever time is needed to get the right people in the right positions. Failure to do this can set you and your company back if not careful.
Resources – As important as your workers are, don’t sleep on the resources needed to run your company. This means everything from tools your employees need in the office to when they are out on the road. As an example, do you have the right software for your team in-house? This can mean everything from sales software to analytics and much more. If you have not done so up to now, take the time to go online. Once there, you want to do reviews of various project management software. Such reviews will move you a step closer to finding the right providers for such needs. In today’s tech world, many consumers expect brands to be up to speed on technology. If you do not have the right resources for employees to work with, you could lose business.
Promotions – How good of a job are you doing when it comes to promoting your business on a consistent basis? If you are not doing a very good job, this could hinder you in your ability to stay relevant in your industry. Do all you can to promote your brand in every conceivable way you can think of. For example, are you good at using social media to push your brand message? If the answer is no, this can be detrimental to your success. Take the time to make sure your message is getting out there via social networking. You also want to be sure you are active in your local community. Doing so gives you a chance to build up a good relationship with those in your community. The goal at the end of the day is to promote your brand and reap the rewards of more business in return.

Take the time to see where you could better your company’s management.

Chances are good you will find ways that you may have missed or not spent enough time on before.

About the Author: Dave Thomas covers business topics on the web.

How Technology Is Changing Business Communication for the Better

April 30, 2020 by Guest Author

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

3 Keys to Moving on from Your Startup

April 29, 2020 by Thomas

You put a lot of blood and sweat into your startup business.

Whether that was in recent years or many years ago, you’ve gotten to the point where you want to sell it.

So, will you make all the proper moves to unload it and come out ahead? If not, what might the financial repercussions be for you?

Plan Correctly How to Sell Your Startup

When the time comes for you to sell your startup, keep these keys in mind:

Plan correctly – Nothing would be worse for you or your startup if you do not plan correctly. This means having all the proper documentation in order. If your paperwork is not up to date or some of it is missing, it can make selling your startup that much harder. From what your company is worth to how many employees you have and more, know the details and provide them. Also, know how the industry your startup is in is doing now. If things are slow or going in a bad direction, now may not be the time to want to sell your startup. Last, understand why you are apt to sell now. There likely is a main reason behind this. Knowing it will make it easier for you to understand if now is the time to unload your startup.
Work with the right people – Having someone help sell your startup is a lot better than you going it alone. With that in mind, do some online research to see which businesses would best be able to help you in this effort. Knowing how to sell a startup company may not be your area of expertise. As a result, trying to wing it can result in disaster. There are companies out there specializing in selling startups. Find the right one and lean on them for help. Their experience will guide you so that the sale goes much smoother.
What’s next in your world? – Unless you are in a very positive financial spot and do not have to work for the foreseeable future, what is next? Selling your startup may mean you are opening something else up. It may mean you have decided to go back to the corporate world. If this is the reason for selling, do you have another job lined up? It would be downright foolish to not have your next plan in order. Always thinking one step ahead is what most successful business people do. You may be at a point where you can take time off from the business world and relax. If so, great for you and all the work you put into your startup over time. If not, being able to move along to something else without a major delay is going to prove quite important.

Countless people love the freedom and flexibility that comes with owning a startup.

If this has been you for a while now; congrats on all you have done.

That said you may well have reached a point where it is time to move on to different challenges in life.

If so, be sure selling your startup is not a major thorn in your side.

About the Author: Dave Thomas covers business topics on the web.

3 Keys to Running a Sounder Business

April 22, 2020 by Thomas

How good of a job would you say you are doing when it comes to running your business?

No matter the length of time you have been a business owner, it is important to be doing all you can for your business. If you are not, you could be on the outside looking in before you know it.

So, what steps do you need to take to run a sounder business?

Protect Yourself So You Can Remain in Business

In looking at the keys to keeping your business plugging along, remember these things:

Protect yourself – You will not be much good to consumers if you are not taking care of you. This means not only physically but also financially. That said make sure you have protection in place should something happen to you. As an example, if you run a medical practice, keep in mind all the people depending on you for medical needs. As such, you can’t afford to miss a large amount of work. If you were to suffer a serious medical issue or injury, how would you support yourself and your practice? By having the best disability insurance for physicians, you are in a better position. That coverage allows you to protect all you have invested in. This becomes especially important when a notable illness or injury impacts your world. The last thing you want is to watch all you have worked for go by the wayside. Shop around for the right protection and get it today.
Take care of customers – It goes without saying that taking care of customers goes a long way. That is in determining how long you will remain in business. With that in mind, are you doing enough to show customers you care? No matter the type of business you have, it is important for customers to know they can count on you. Not only is service key, but also rewarding those loyal customers who have been by your side for a while now. Do all you can to show them that you are there for them. From discounts to answering questions they have, taking care of them is a priority.
Stay up on technology – Last, how good of a job are you doing when it comes to staying on top of technology? As technology grows and improves, it is important for you to grow along with it. Some businesses are more focused on the tech world than others are. If technology plays a big role in your business world, be sure you are staying on top of it. If you are not technologically sound, hire one or more individuals who are. Their experience can play a key role in helping you provide customers with the tech they expect from you. You can also attend some tech events during the year. That is to gain more insight in the role technology is playing in the business world.

When it comes right down to it, you have to do all you can to run a sound business.

If you are not doing so, chances are good your competitors will reap the rewards.

About the Author: Dave Thomas covers business topics on the web.

What All Businesses Should Know About 2020 Taxes

April 9, 2020 by Guest Author

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 Guest Author

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.

Photo by Amy Hirschi on Unsplash