Month: July 2021

Whilst there may be a long way to go in a lot of industries before we see absolver equality, the movement of women in business is something which has been staggering to watch in recent years. There have been a number of seminal moments within this too, and different appointments and interviews which powerful women have given, really have lead the way for other women to inspire. 

Take the interview which Audrey Gelman gave back in 2019, which not only focused on why women could do well in business, but also on the fact that she was pregnant. Here is why that interview was so powerful, and why the female movement just keeps on growing. 

The Front Cover

Before you even got into the interview, we saw a powerful image of Audrey on the front cover of Inc. magazine, where she is proudly showing off her baby bump. The reason why this was so powerful is that pregnancy is often one of the things which used to be pointed towards, as to why women in business wasn’t something that we could ever see happen. To stand on the front cover of a business magazine like that, proudly showing off her baby bump, is exactly what women around the world needed to see. 

All Industries 

When we very first started to see women in CEO positions in business they were usually within a female dominated world. For example we would often see women as the heads of luxury underwear companies or of companies which focused primarily on female products. In recent years however we have seen a real shift here and there are more women than ever before, branching out across sectors. The reality is that whether you are selling a tin of beans or a cruise ship, business is business, and this exactly why women should be involved in all areas of business and all sectors. 

Empowering Through Example

The only way that we were ever going to see real change with women in business was to have people like Audrey doing well. The best way to inspire a generation or to encourage any women out there that they could be successful in business, was to actually see someone who looks like them, doing well. We now have an enormous range of women in business who are inspiring each and every day and who are truly the perfect example of success for younger girls to follow. 

Breaking The Division 

The next step for us all has to be that we stop talking about successful men or successful women, and that we just talk about successful people. We are slowly but surely breaking down these walls and it won’t be long before we get to this point. One of the main reasons why we are able to get to this point is the impact and influence that the likes of Audrey Gelman is having on the world of business, and there are many like her who are helping to lead the way. 

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for some companies it is a hassle they could do without, for many customers it is something which they don’t quite understand, but the truth is that compliance is the best thing to have ever happened in financial services. Experts like Scott Tominaga for example are always working with companies within finical services to ensure that their processes fit with what compliance expects from them, and this is a critical area of their operations. Scott also talks about the importance of compliance and we were lucky enough to spend some time with him in order to learn more about what compliance is and why it is important. 

What is Compliance?

In a nutshell compliance is a set of rules which have to be followed for each sale of a financial product, and for each action which a company in financial services carries out. Let’s say for example that a trader is going to be looking after the assets of a client. Compliance in this situation would be that any trades which are made on behalf of the client, fall within the parameters which have already been discussed with the investor. Any extra moves which are made with that money which have not been agreed upon, would be going against the necessary compliance which should have been completed, and thus will be considered fraudulent and illegal.

Protecting The Customer

The main reason for compliance is to protect the interests of the customer. A perfect example of this can be see in the PPI debacle which came to light around a decade ago. What we saw here was that companies had been charging payment protection insurance on loans and finance agreements without asking for a signature from the customer as to whether or not they wanted it. This was eventually ruled as illegal in court and banks and financial services companies were forced to pay out millions to those customers who hadn’t chosen PPI. This is exactly why compliance exists and had it existed prior to that court ruling, then customers would have been fully protected. These kinds of processes have to be followed no matter what the product is that they are being sold. 

Protection of Companies

Compliance not only sets out to protect customers, it is also in place so that it can give companies a good level of protection too. Whenever an audit comes around or if a claim is made against the business, they can quite easily and very quickly prove that they followed all guidelines and all levels of compliance which they were supposed to. Compliance is always documented and this is why they are able to squash any problems with speed. Compliance leaves no grey areas and no areas which are uncertain, and that is why it is able to give such good protection to those who work within this industry. 

Compliance is improved all of the time, to continue offering both customer and business the best protection. 

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Software expert Josh Melick has written a fantastic article on his blog detailing the issues which so many software providers have with their pricing structure. The issue which it seems that most companies have is that their original pricing structure is not fit for purpose in terms of raising prices. Additionally they are in a position whereby they now don’t want to raise prices in case it results in customers leaving and going with the competition.

The reason why this is a problem for those selling SaaS is that they are then not able to bring in the necessary revenue which they will need to continue to cover their costs. Providing software comes with a wide range of costs and it is critical that the revenue meets the outlay. In Josh’s article he details what the problems are for these providers and what solutions they should be looking to use, in order to increase prices without betraying the customer. 

The Core Issue

Almost all providers will offer a number of pricing structures for their software, usually something like bronze, silver and gold packages. Josh discusses the fact however that most providers only offer two dimensions which differentiate these packages, when three is in fact the requirement. The first dimension which is offered is the number of users and the second is the range of usage, with each structure of course offering a higher amount of each.

The key here however is the third dimension, and that is the amount of time which you will have the software. In limiting the amount of time, SaaS providers will be able to increase prices at the end of the year without losing their customer base. 

Offering Transparency 

The reason why price hikes may put a customer off is that they are often unexpected, and customers can feel as though the rug has been pulled from under them. The key therefore to ensure that this isn’t the case is to be up front and transparent with the customer from the outset. Customers should be notified when they first sign up that at the end of the year those costs will be rising by a certain percentage. 

Promotional Approach 

The promotional approach which Josh speaks about the article is a great way of increasing the prices and offering customers the chance to upgrade their package. In order to do this you can offer the chance of an upgrade with perhaps a 5% increase on last year’s price rather than the 7% which was originally planned. This is a great way of trying to get customers up to a higher package and increase price without providing any surprises and whilst still maintaining a customer’s trust in the business. 

As Josh states, this is tough to do if you are already established, which is why some positive PR and some promotions for your existing clients may be the best way for you to hitch up the prices without losing those customers who you have already got. 

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There are many reasons why people decide to work two or more jobs. Whether it’s to gain new skills, experience in another sector, or simply boost your income, regardless of the reason, you need to be organized from the get-go and find a good balance between working and having a social life. Inevitably, the more work you take on, the more challenges you’ll face, so here is some expert advice on how to juggle multiple jobs at once.

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Manage Your Time Effectively

If there is one thing you need to master most when juggling several jobs, it’s time management. No matter what your roles are, you should invest in a daily planner, write to-do lists, and do what you can to simplify day-to-day tasks. If you have a jam-packed schedule, learning how to prioritize your time productively is key. You need to put your all into any job you do, so mastering the art of time management is essential. 

Choose Your Jobs Carefully

Regardless of your reasons for taking on extra jobs, you need to think carefully about how much you can commit to. For instance, if you are in full-time employment and want a side hustle to run alongside it, Shiftsmart allows you to pick up shift work as and when you want, meaning it shouldn’t get in the way of your main gig. There are other factors to take into account when finding extra work, such as whether it’s financially viable, close to your home, and if you can learn new skills. 

Track Your Finances

When earning extra cash, you need to be in total control of your finances. Tracking your income and outgoings will help you stay on top of your money. You can devise a budget that takes into account any additional expenses of your other jobs, including commuting costs. Many people work several jobs to pay off outstanding debt, so if you fall into this category, using a budgeting app is key for staying one step ahead and ensuring you don’t fall into further arrears. 

Make Time for Yourself

When juggling two or more jobs, all the hours you work can lead to little to no downtime for yourself. While it may great initially to earn more money, if you’re not looking after yourself along the way, you could burnout quickly. Whatever your schedule looks like, make sure you allocate some time to relax and unwind. There are relaxation techniques like meditation and yoga that can reduce stress levels and can be performed first thing in the morning or before you go to sleep. Also, you must keep in touch with loved ones and have things to look forward to, otherwise, you may struggle to stay motivated.

While there are tons of benefits to working two jobs or more, if you’re not careful, you may end up working yourself into the ground. To stop this from happening, referring to the advice above will help you juggle your work effectively and ensure you have some much-needed time for yourself in the process.

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No matter what industry or sector your business happens to fall within, it is always going to be important that you have a financial advisor on your side. This of course is not a permanent position, it is a trusted professional who you can call on when you need some help, and they will then charge by the hour for their services. If you speak to people like Jeffrey Small Arbor financial services expert, they will tell you exactly why this is so important, no matter what industry or service you happen to be working within. 

Here is exactly why more businesses should be looking at bringing in experts like Jeffrey for support. 

Impartial Advice 

One of the best attributes of a financial advisor is that they are able o offer you advice from a completely neutral perspective, which is something that most business owners are unable to do. The reason of course is that they are emotionally invested in this, hence why it is such a problem. Financial advisors however are able to take the facts and the figures of a situation and base their advice on that and that alone. This can fine be the best way of taking tough financial decisions. 

Connections In The Industry 

Having access to the little black book of a financial advisor is critical for so many aspects of running a business and they are able to use their connections to help you out. This could be to support you in seeking new premises, in securing a good quality mortgage or even in getting a great loan that will help to propel your business. There is absolutely no doubt that the financial advisor will be able to offer you the support and the help that you need when seeking out financial products for the business. 

Making Plans 

Because of the fact that financial advisors have great experience in working with businesses, they are able to offer absolutely brilliant information that will help you plan for the future. These men and women have seen so many businesses succeed and fail based on the way that they have shaped their plans for the future, and that is why they will be so perfect in offering you the best route forward with your business or product. 

Safety 

The reason why accountants and financial advisors are so critical for businesses is that they are able to offer you safety within the business. Almost all businesses which do fail, do so because of very poor financial planning, decisions and management. This is why it makes sense that you always arm yourself with experts who will be able to help you to avoid making common mistakes and so that you will be able to have that confidence in the way that your bushiness operates. 

This is exactly why it is so essential that your business relies on the services of a financial advisor, in all that it does. 

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The pandemic’s been an unprecedented moment in time. However, its impact will be enduring and most likely transform the way you shop indefinitely.

A recent report by Feefo reveals that 43% of consumers agree that once lockdown ends, they’ll carry out most of their brand shopping online, while just 25% of shoppers will do their shopping in-store.

A Huge Shift in Shopping Behaviour

So, what are the main factors powering this shift? It boils down to three factors:

• A decrease in people’s movements. The UK’s recent lockdowns have seen a restriction in people’s movements. What’s more, there’s also been an increase in the number of people moving from urban areas to more rural settings that don’t have as many high street shops. In 2021, London’s population could see a significant drop for the first time in 30 years. Moreover, many employees are now working remotely and this trend is likely to continue as more and more businesses are offering flexible working conditions. According to a recent BBC News report, 50 of the UK’s largest brands are saying they aren’t planning to bring employees back to the workplace full-time.
• A sharp increase in online sales. Recent findings by the Office for National Statistics (ONS) reveals that online shopping took off in 2020, increasing by as much as 46.1% since 2019. It’s likely to be a similar story when stats come in for 2021. The online shopping boom kicked off in the Noughties, thanks to formidable internet advancements and while the current lockdowns have likely fast-tracked the trend by driving senior generations online, the inevitable evolution of high-tech advancement has meant a progression in online shopping is inevitable.
• More brand disloyalty. Shoppers can now access a broader choice of services and products, thanks to the shift online. At the click of a button, consumers can shop around online and discover new brands on the web instead of in the aisles. Because there are fewer shops on the high street and more brands online, today’s consumers are showing less brand loyalty.

Design by Structure’s Co-Founder, John Galpin, says:

“Online has seen exponential growth, driven by the pandemic and lockdown, which has accelerated online purchasing behaviors. Those retailers who didn’t adapt quickly have suffered, even the big brands, such as Arcadia.

“However, with the imminent ease of lockdown, we should expect to see a return to the high street, initially for the novelty but then we will see the return of activity that combines on- and offline behaviors, such as the return of ‘webrooming’, ‘showrooming’ and ‘boomerooming’, which are about the physicality of brands and price comparison.

‘webrooming’ – researching online and then buying in-store.

‘showrooming’ – viewing in-store and then buying online.

‘Boomerooming’- researching online, touching and feeling in-store, and then buying online.

In the UK, nearly all adults aged between 16 and 44 are using the internet more due to Covid-19. Companies are listening to their consumers, making it easier than ever for them to shop online. That said, more choices can make decision-making trickier.

The amount of people aged 75 and above using the internet has increased from 29% in 2013 to 54% in 2020 – that’s almost double.

Final Words

It would seem the pandemic has provoked a drastic shift in post-pandemic shopping trends, with more choosing to shop online rather than on the high street.

While it’s fair to assume shoppers will go back to brick-and-mortar shops once restrictions ease, it’s also reasonable to expect that consumers will spend less time in-store on the whole. These reduced in-store visits could even go on into 2022 as shoppers wait to see how post-pandemic life turns out.

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As a small business in a vast market, you’re bound to have a lot of competition. Not only are you bumping up against the giants in your industry, but you’re also competing with other small businesses.

If you want to keep your business running, increasing revenue is the obvious path. But that is not always as easy as it sounds. And, as a small business owner, it gets even more challenging to plan how to grow your business when you spend most of your time managing every single detail.

We understand your struggles as a hardworking businessperson. To help you, we’ve gathered eight ways to increase your revenue as a small business. 

A Guide to Increasing Your Revenue in 2021

1. Nail down your business goals

Make your business goals specific and have a particular time frame when you want to achieve them. They should be specific and clear to understand for you and your employees. The clearer the business goals, the better and easier it is to orient your company where to go and where to grow. 

Aside from being specific and putting a timeline, it would help if you had achievable, sensible, and practical goals. You must take into account all the elements that will have an impact on your business. You need to look ahead and prepare for the obstacles that will happen in the future and study the resources that you may need. 

If you’re struggling to develop specific business goals, remember the SMART method:

S – Specific

M – Measurable

A – Attainable 

R – Realistic 

T – Time-bound

2. Prioritize customer service

It has been said that as a small business, you have a lot of huge competitors. The advantage you have against them is that you can provide your customers with the attention they want because you have a smaller customer base. You can offer them the attention that will make them stick with you forever. To do that, you need exceptional customer service.

If you give customers excellent customer service, it helps them feel more satisfied with your products, and it will be easy for you to transform new customers into loyal ones. It is the biggest factor in growing your business. You need to commit and invest in it, for example, by training your staff really well in handling customers. Keep in mind that satisfied and happy customers can give you free word-of-mouth marketing. 

3. Identify your niche market

The importance of identifying your market niche is as important as choosing your business name. These two should coincide and make sense together. Your business niche is your specific and functional area in the industry that you are part of. Once you have identified it, it is easier for you to differentiate your business from your competitors and win your target audience.

Moreover, finding your niche as a small business owner is super helpful in creating a steady flow of revenue. If you have a solid market niche, it will help you have a firmer grip on your current customers. 

In one industry, there can be various market niches. If you feel confused about what your is, think of the most specific product or service that is unique in the market. It could be something that offers affordability, convenience, excellent quality, and many more. 

4. Explore e-commerce

E-commerce has completely transformed the business world and the way consumers purchase goods and services. If you’re a small business that has yet to venture into the online world, know that e-commerce can instantly transform your business and increase revenue. So what are the benefits when it comes to e-commerce? 

The best one is how you can reach new customers, which means you can sell more products. With only your physical store, your revenue will be limited and only to people close by who prefer to shop in person. But by putting your shop online, you can reach out to people near and far. 

However, when you jump into the e-commerce platform, it is like inserting yourself into a big crowd, so you still need to have your unique way of telling the target market that you exist. 

5. Form the best team 

Your small business may not need a lot of people, but it surely needs the best people. Building your team should be one of your priorities. You need to make time to shape your employee into the winning team. You need to see their full potential and get them to be involved in everything you do.

One of the best ways is to get to know each of your employees and see their strengths as individuals. You’ll have a deep understanding of them, and you’ll be able to recognize their capabilities and how they can help your business. They may have different personalities and come from different walks of life, but it is all about having one goal, even with diversity.

Also, do not forget to define their roles. Each of them needs to understand their job. Let them know that you value them, invest in them and share the development of your business regularly. Always keep the conversation lines open for your employees but still keep everything professional. 

6. Prompt repeat business

Gaining new customers is undoubtedly one of your goals as a small business owner. One of the marketing mistakes of small businesses is focusing on acquiring new customers and neglecting the existing customers. You can have time to get new leads, but you should never forget your loyal customers. 

The question is, how can you encourage a repeat customer? You need to present them with something special. You can go and invest with a reward card scheme; for example, every time they visit or buy a certain amount of product and service, they get points as a reward. The points are then accumulated and then redeemed for a free service or product.

7. Listen to your market base 

Listening to your market will help you to be flexible as a small business entity. Even if you are focused on being excellent in what you currently do, you have to be open to new ideas and learn more about trends in the industry. 

One important thing to learn is the process of “social listening.” This way, you can give your small business the chance to analyze, interact with your market base, and track social media trends.

You could also have audience surveys if you have time. You will be able to know which part of your business can still be improved. 

8. Attract customers with discount vouchers and coupons

Discount coupons and vouchers are sure to provide you a boost in business sales. You may be required to invest money. Just remember that you need to spend money in the world of business so you can earn money. 

Discount promotions are known to be one of the effective ways to increase your revenue. They can be a vital part of marketing your products and services. Plus, they are great at introducing a newly launched product. You need to know how to maximize their use. 

You can use websites like Facebook or other big social media to get more people to see it. Also, when it comes to existing customers, you can let them fill out a form where you can get their emails or phone numbers so you can spread the word about your promotions. 

Conclusion

Managing a small business can sometimes be a big challenge. And changes may not be seen instantly. But, remember, whatever you reap, you will sow. Keep the focus on your goal, and you’ll see your revenue increase in no time! 

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No matter what the nature of your business, ensuring that you have the right commercial building insurance is vitally important. 

Commercial building insurance will cover the costs needed to repair and even rebuild your commercial property should it be damaged or destroyed.

In the following article, we will look into commercial building insurance and what it covers and why you should ensure that you are fully covered by a policy today.

What Does Commercial Building Insurance Include?

Commercial building insurance will cover you against the cost of either repairing or rebuilding your business premises. It will cover against eventualities such as burst pipes, falling trees, fire, flooding, storms and theft.

There are two key different types of commercial building insurance; buildings and contents insurance. Contents insurance will cover you for items inside the building including IT equipment and any stock and other equipment used and buildings insurance covers anything related to the building itself.

Typically, commercial building insurance will include;

Property Owners’ Liability

Liability insurance will compensate any third party should property damage or injury occur due to negligence. As the owner of the property, you will be liable, as you are responsible for ensuring that the property is maintained.

Loss of Rent

Should your property become uninhabitable due to an insurable event, your insurance policy will cover you for the rent you subsequently cannot collect.

Landlord’s Contents

Your insurance policy will also cover the landlord’s contents. Essentially, the ‘landlord’s contents’ compared to the ‘building’ is anything that isn’t attached to the building including tables and chairs as opposed to doors, cupboards and walls. 

For example, some commercial properties may be rented with equipment included, such as a fitted commercial kitchen. 

What Will Commercial Property Insurance Not Cover?

Typically, you will find that most commercial property insurance policies do not cover general wear and tear that happens over time, such as office carpet thinning and stains. You may also find that damage caused by an act of terrorism aren’t covered, however some specialist insurers may be able to cover you as an additional premium.

Why Do You Need Commercial Building Insurance?

Whilst commercial building insurance isn’t a legal requirement, it is important to remember that many mortgage providers will insist that you have the right insurance cover before they agree to give you a loan.

No matter what the nature of the business within your premises, it’s always worthwhile considering a commercial building insurance policy to ensure that you’re protected against the costs needed to rebuild and repair the premises.

Choosing the Right Commercial Building Insurance

There are various different things that you need to consider about commercial building insurance to ensure your commercial property is fully protected. However, you shouldn’t rush into purchasing the first or the cheapest policy that you see.

It’s important to note that if your business premises is temporarily unoccupied, then it will be much more susceptible to break-ins, crime, and squatting, amongst many other crimes. Typically, insurers will exclude unoccupied properties from their policies, so should your property be temporarily unoccupied, you should convert your commercial building insurance to an unoccupied property policy.

Before you contact any insurance providers, it’s important to take the time to work out the exact level of cover that you need, as well as any additional features and requirements you are looking for.

After all, your property can be one of the biggest investments you make, and whilst you can easily see your investment returned in time and make a profit, it’s important that your assets are fully covered and protected. Should you not ensure this, even one problem could cause you to lose your property and resultantly your investment money in one go. The right commercial building insurance will ensure that your investment money is secure.

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