Category: Business

Small businesses have a limited budget to spend on marketing their products and services, so they can’t always create big-budget videos as advertisements or social media campaigns. However, that doesn’t mean they should not create any videos for marketing. UK publisher and online learning platform Smart Insights reported this year, 2020, that “according to 88% of marketers, video marketing provides them with positive ROI (Return on Investment). So, turns out videos can absolutely help improve your sales. 

Read on to find out some easy video ideas that will help your small business improve sales without breaking the bank!

Types of videos you could create to boost your sales

Testimonials

Customer testimonials are the best way to improve credibility and build trust amongst viewers. The customers who have used your products and experienced the way you cater to their needs are the best way to put in a good word of mouth as well as show your business in a good light. These videos give out positivity and people tend to connect more because of human presence. 

Testimonials appear more realistic than adverts as it’s the customer’s words and not some scripted scene. You need to make sure the customer speaking to the camera is well lit. You can use a three key lighting setup for the best effect. You can add some groovy and happy music to it to further engage the viewers.

Here’s a testimonial ad by Apple where they highlight human interest stories. 

Behind the Scenes

We humans are curious beings and we like to know what is happening beyond our line of sight which is evident from the popularity of reality shows. You can use this curiosity to your advantage by letting your potential customers peek into the backyard of your business by creating a behind the scenes video. This video can show your process of production from scratch to the customers, employee byte, and can also highlight overall company culture. Just walking the camera through the office space as a montage or an in-between filler shot can showcase the space of your business beautifully. Creating these behind the scene videos can make you gain the customer’s trust and they can easily rely on you.

Documentary

People connect to stories and they want to know about your journey if you’re willing to tell it in an organized manner. It is possible that you might not have documented your growth over the years while building your business but in case you have archives, stories or you’re just starting then make sure you document every moment of your small business achievements on video.

While recording it might seem unnecessary and the process might appear taxing but everything put together over some time in form of a documentary depicting the journey of your business can be extremely rewarding.

Documentaries form a great way to advertise and build your brand while resulting in a boost in sales. It can include a mix and match of voice-overs, behind the scenes footage, archives, customer testimonials, product shots, and day to day work, you can stitch this all together using a video editor that meets all your needs. 

Animation

Animated video content can be limitless as you can let your creative imagination flow without restrictions. Usually for small businesses animated videos are advertised in the form of explainer videos. 

Explainer animated videos are short marketing videos that are used to explain the product or what the company does to the general consumers who might not be used to using the product or might lack knowledge about the company. These videos are great for your product landing page or retargeting audiences based on their purchase of the product.

McDonald’s shows us how animated explainer videos can be equally engaging.

Micro-Content

You cannot miss out on putting out Micro-Content in vertical format be it on Instagram Stories, Reels, TikTok, or YouTube Shorts. You can create these videos easily and quickly with the help of your smartphone to later put them up on various platforms. 

Micro-Content is short and usually lies somewhere between 15-60 seconds depending on the requirement. It gives you the power to tell a story in a short period given the average user attention time these short videos are proving to be a game-changer for many small businesses. You can create snippets of your product or take another video and change it according to the suited format using a video editor that supports vertical video editing for videos across social media.

Tutorial

Tutorial videos are usually made when your product needs to be learned in-depth step by step for people to be able to use it properly. You can either choose a narrator, actor or if you’re confident enough to pull off your video presence then what’s stopping you! 

In case your product is software then you can use a screen recording tool to showcase a step-by-step tutorial which makes it easier for the end-user to navigate through the various features of the software. Screen recordings often need a supporting voice-over to make it easier to explain. You can also use AI voice overs to make your job easier. 

Unboxing videos

You might have seen one of these videos when you’re about to purchase a phone or a gadget. The unboxing videos are really popular amongst tech enthusiasts but have found their way to almost every product that comes out of a box. You can do an unboxing video by yourself, make sure you have designed your product box to give it a premium feel to attract more customers. 

Live Video

You can broadcast a meeting, presentation, an event that your company is hosting to engage in potential customers to make them feel included. Live videos make the customers believe that the company is transparent. 

Live video interactions on the other hand are valuable for taking the consumer’s feedback to value their opinion and work upon it. These videos are popular as users like to see what’s happening ‘now’. Maybe, you could bring in an expert or an influencer to talk about your product on the live stream to boost your engagement.

Conclusion

Videos are all over the internet and form a great tool in this digital era to maximize your market share and boost sales. Make sure to use a video editor that offers a variety of templates and meets your business needs to be a step ahead of your competition. It’s never too late to start creating beautiful videos that help your business achieve the unimaginable. 

Customer churn is the statistic showing the rate at which you lose existing business. This is an important stat and one that companies should seek to continually improve. Before you can begin improving customer churn, you must find out why your customers are leaving you. You can use surveys to discover why customers churn and discover the underlying reasons that you might not have considered. Here are the main reasons why customers churn and how you can avoid it;

1. Poor customer service

It’s probably unsurprising that one of the top causes of churn is poor customer service. Why should a customer stay with you when they haven’t had a positive experience? A study by Microsoft found that 96% of customers rate customer service as an important factor in loyalty to a brand. These days there’s plenty of other businesses out there, and if your competitors’ customer service is better than yours, then you’re in big trouble.

Consider how you can improve your customer service. You might think about having a dedicated customer support team or offering a live chat or chatbot facility on your website. This will make it even easier for your customers to contact you. Every bit of extra effort you make will help to show consumers that you care, and by providing instant (or near-instant) replies to their queries, you’ll create a great customer experience.

2. Bugs or issues with your product

If your product doesn’t perform as well as a consumer thinks it should, it can cause them to churn. If it breaks easily or is glitchy, then this is going to have a negative impact on your customer’s perspective of your brand. It can be difficult to win customers back when this happens, but all is not lost. If you are aware that your product is faulty, then the best thing you can do is be honest and transparent with your customers. We all understand that people can make mistakes, it’s what we do to fix the errors which is often the key. You should work hard at retaining your current customers – just a 5% increase in customer retention can produce 25% more profit.

Contact your customers to let them know that you’re working hard on a solution and keep them updated on your progress. This is the best way of trying to retain them after such a setback. If you’re honest with them and try to rectify the problem they’re much more likely to give you another chance.

3. Your product is deemed too expensive

The pricing of your product is another crucial factor to consider in customer churn. If your consumers think your product is too expensive, they will likely find a cheaper competitor. You should always keep a close eye on your competitors to track their pricing and see where you stand in comparison. And, more importantly, whether or not your product reflects the price you’re charging.

However, you should also consider what you do that sets you apart from anyone else in the market. For example, if your product is ethically sourced, produced using more environmentally-friendly methods and delivered in eco-friendly packaging, then it’s more likely that your overall costs will be higher. However, a growing trend shows that consumers are willing to pay more for ethical products, so you need to highlight this as a USP of your brand to justify higher prices.

Final Words

Considering the main reasons customers churn, it’s essential that you first discover why your customers decide to leave. It’s generally different for every business, so finding out why will help you to combat your rate of attrition. Whether that be by improving your customer service, refining your products, or analyzing your pricing. Once you know what you’re looking to build on, you can focus on the process of reducing your customer churn.

Every business will have their own assets that they use to push their business forward. These assets are valuable and can range from tangible to intangible. However, you should remember that your resources are limited and you can only use so much to improve specific assets. So you need to be sure that you know what assets you should be focusing on to make the most out of your investment.

The Business Assets You Should Be Improving

Not every business has the luxury of being able to improve all of their assets at the same time. This is especially true for smaller businesses that have limited resources. Larger businesses can also benefit by focusing their resources on high value assets. We’ve made a list of things that both types of businesses can invest in to ensure that they can make the most out of their available resources.

Customer Goodwill

One of the most important assets that businesses will have is customer goodwill. The main reason why customer goodwill is such a valuable asset is because of how your business won’t function properly without it. Having great customer goodwill also allows you to save resources because your customers will indirectly make various processes in your business cheaper. 

Happy customers can advertise your business for free, improve your rankings on search engines, improve your ability to provide better products and services by providing feedback. 

Your Products, and Services

Your products, and services are the centerpiece of your business. Your customers wouldn’t be interested in your business in the first place if your products and services are lacking. This is why you need to ensure that you constantly push for innovation when it comes to producing excellent products and services. Especially since your competitors will always be trying to provide better products and services than you.

Tools, and Infrastructure

Your tools, and infrastructure should be another business asset that you need to keep an eye on if you want to succeed. We’ve previously mentioned how your products and services can be a deciding factor when it comes to catching customer attention. However, you won’t be able to produce enough of it, or the quality will be lacking if you don’t have great quality tools and infrastructure to support the demand.

Time

Another valuable asset that any business needs to focus on is time. Time is a resource that you spend on every facet of your business. Producing products and services takes time. Planning out how to expand your business takes time. Time is a limited resource so you need to make sure that your business is making the most out of it. 

Your Employees

One business asset that some business owners will forget about are the people that keep the business going: your employees. Your employees ensure that your business can keep customer goodwill high, and produce enough high quality products and services to keep customers interested. Investing in hiring excellent employees and providing the necessary training to keep them competitive is a sure fire way to improve your business.

Final Thoughts

Your business assets are valuable when it comes to keeping your business competitive in the market. Without proper investment in them, you’re going to lose customers to your competitors. However, that shouldn’t be an issue as long as you invest in the right business assets.

On the whole 3D Printing technology has to depend on the sum of its parts that constitute it. For example, a 3D printer is one of the most integral parts of this completely new concept manufacturing, 3D printing technology. The other part is a 3D printing software on which you can design the file according to your imagination. The part that goes in the form of an input to your 3D printer is the raw material such as ABS, PLA, etc. So, that’s another one of the most important elements of 3D printing technology.

Each of these elements has got its own significance and is necessary to make 3D printing happen in their own ways. In this article, we are going to lay our spotlight on 3D printing software. As a beginner in the field of 3D printing, to be curious about finding a 3D printing software that is easy for you to operate, that is a little bit more non-technical in its nature and yet technical in its efficiency, is natural and inevitable.

Sensing such an eagerness to learn, we’ve composed this article by collecting multiple software in it, that you can go through and pick one. All of the software we are about to mention are technically well constructed and yet have a non-technical aspect in manifestations to facilitate any person willing to interact with them for the first time. Excited? If not, please be!

1) Make Printable

Link: link

We are coming to the features of this 3D printer software in a moment’s time. But before that, don’t you think the maker is applause-worthy for coming up with such a creatively suitable name? And how else do you cheer the maker than by checking out the product?

Make Printable allows you to prepare as well as print any and every 3D model in high resolution and full-color plastic printing. It’s obtainable in two finishes i.e. full as well as a single color.

Forte of Make Printable:

• Lets you import files from cloud storage.
• Permits you to pick your favorite color.
• Uses the latest 3D model optimization technology.
• Permits you to have an in-depth 3D model analysis.
• Proffers you a 3D model thickness adjustment tool.

2) idea Maker

Link: link

“Two clicks is all you need to make your file 3D print-worthy.” No! The company is yet to keep that statement as a tagline of their product. If any of you has some connection with the company, please ask them to do so, because their product actually works in that manner. There are so many customizations offered inside idea Maker that anyone who dares to complete each one has to take more births.

Forte of idea Maker:

• Well-suited with FFF 3D printers.
• Remote monitoring and controlling of a print job are possible using its application.
• In case your first language is: French, German, Russian, Italian, or any other, you would not have to compromise to read the content mentioned in it in English.
• Input file formats such as OBJ, 3MF, and STL will be at your disposal.
• Sanctions auto-layout for printing multiple files.

3) Ultimaker Cura

Being easy-to-use software, Ultimaker Cura can be integrated with CAD software for an even smoother workflow. The best attribute of Ultimaker Cura is that it’s open-sourced. This 3D printing software empowers you to download material profiles from different brands. Ultimaker is the name you’d also hear a lot in the 3D printer market, because it’s also into the manufacturing of 3D printers. Whether you are a beginner, an intermediate, or the professionals in the field of 3D printing, Ultimaker has got you covered.

Forte of Ultimaker Cura:

• Grants plug-ins such as Solidworks and Autodesk Inventor.
• You can choose from various options of print speed and quality according to your 3D printing project.
• It’s inconsonant with multiple file formats such as X3D, JPG, BMP, PNG, etc.

4) Autodesk Fusion 360

This is Autodesk’s offering in the area of designing engineering parts and functional prototypes. Fusion 360 is cloud-based 3D design software. So, you can easily exchange your files via the internet and save them in the cloud.

Experts recommend this software to educators and students in the field of 3D printing. Autodesk Fusion 360 can be operated from a device running with MAC as well as other operating systems.

Forte of Autodesk Fusion 360:

• Its collective virtual-system lets you create parts and functional prototypes of the desired quality.
• Fabricating and improving designs can be done using a sketching tool.
• Has a high process speed.
• Lets you design a file that closely replicates your imagination.
• Programming of your manufacturing process becomes easier.

5) Octoprint

Link: link

The functionality to extend your plug-ins is something that you’ll not only find with Autodesk Fusion 360 but with Octoprint as well. Like Autodesk Fusion 360, and Ultimaker Cura, Octoprint also has an open-source interface.

Forte of Octoprint:

• Authorizes you to have complete control by allowing you to start, stop, and pause the print job.
• Gathers printer stats from printer history automatically.
• Supports all Micro 3D printers and Flashforge 3D printers.
• Granting you the permission to move the head of your printer along any axis you wish to.

The Conclusion

Based on the fortes of the above-mentioned five 3D printing software, you can check out your favorite. If you have enough time, you can check them out all, one by one.

3D printing Software constitutes a very fundamental element of complete 3D printing. So, you should give utmost importance to the selection of this software. Because your design file; which in this case is going to constitute the making of g-codes based on which your 3D printer will function; is going to be made out of it! You see, there are too many steps that are followed after this, dependent on this crucial step.

We advise you to be wise and take this decision with a hassle-free mind, and only after going through each one of the options mentioned in the list and even more. Good luck!

Whether you are employed or self-employed, retirement is inevitable, and it’s appropriate to plan for it early to avoid inconveniences. You need to create a plan and focus on it to enjoy the benefits once you retire. However, the earlier you start, the better, and you also need to find ways to increase these benefits. How does one plan for retirement? Here are some ways.

Contribute to Your 401(K)

If employed, it’s definite your employer contributes your pre-tax money retirement benefits. This contribution is a great advantage, but your benefits will still be subjected to taxes, including the income tax, Medicare, and the Social security tax. How much should I invest in my 401k? “According to the experts at SoFi Invest, the contribution depends on how much you can invest without hurting your monthly budget.” Suppose the employer offers a Roth 401(k) feature, which taxes you before making contributions. In that case, it’s better to check its benefits after the tax cut and negotiate on a better contribution mode.

Get a Contribution Match

Most employers do offer 401(k) plan contributions to their employees, which sometimes don’t add enough to meet retirement demands. This situation calls for a personal contribution to match the employers. You should always try as much matching your employers’ contribution to earn the free money. Failing to make such contributions fails your employer to contribute too.

Open an IRA Account

Even when employed, it’s necessary to have an Individual Retirement Account (IRA) to supplement your retirement benefits. You can open a traditional IRA account whose contributions are tax-deductible with taxed benefits, or the Roth IRA, which comprises after-tax contributions with no withdrawal taxes. You can do a Roth IRA when you suspect taxes will be higher during your retirement period. All these are withdrawn after attaining 59 ½ years. A lot of financial institutions offer both types of IRA accounts, but it is up to you to research and pick the best investment account to suit your needs.

Take Advantage of Catch-up Contributions

In most cases, annual contributions to 401(k) and IRA accounts are limited to specific amounts. If you want to save more and you are past 50 years, you can make catch-up contributions. Catch-up contributions are done separately to 401(k) or IRA accounts and significantly boost your overall retirement savings.

Automate Your Savings

Besides having retirement savings accounts, you can also make automated bank savings for your retirement every month. With automatic funding, money gets deducted and saved to your savings account on each payday. There are also apps and software to guide you through these processes, which you can combine with your IRA or 401(k) account for a substantial amount after retirement. You can increase the savings percentage each month, depending on your income.

Reduce your Extra Expenses and Stash the Extra Cash

You can reduce your working days expenses and put the saved amount in a savings account for retirement use. Besides reducing the expenses, you can commit your pay rise, bonuses, and overtime payments to savings account to be used after retirement.

There are many ways you can plan for your retirement, with the primary ones listed above. You can create your retirement plan and then plan your savings to meet your goals. If not achieving the set targets, you can combine two or more of the tips highlighted above while diversifying your income-generating venues.

Unlike Compulsory Liquidation, where a company is forced to close, Voluntary Liquidation occurs when the directors and shareholders decide to wind-up the company and place it into Liquidation. This is an entirely voluntary process that brings the company’s trading and operations to an end.

As a formal insolvency process, a licensed Insolvency Practitioner must be appointed to carry out the Voluntary Liquidation process, and it is not a decision to be taken lightly.

If you are considering Voluntary Liquidation, there are some essential factors and questions to take into consideration.

To help, Clarke Bell has put together this complete guide to Voluntary Liquidation, covering what it is, how it works, and who should take this route.

What is Voluntary Liquidation? 

A Voluntary Liquidation process is initiated by a company director or owner and can only be carried out upon approval of 75% of the shareholders.

Voluntary Liquidation is the process of officially winding-up and dissolving a company, letting it liquidate its assets, which can, in turn, be used to free up funds or pay off debts.

Once Voluntary Liquidation has been completed, the company is dissolved and taken off the registrar of companies.

Why choose Voluntary Liquidation?

There are several reasons a company would choose to go into voluntary Liquidation.

This is often the route taken by insolvent companies that are no longer sustainable and are operating at a loss. However, solvent companies can also enter into voluntary Liquidation.

Many solvent companies will choose this option as a tax-efficient way of closing their business, perhaps because a key staff member is retiring. The director is taking a step back to an employee role or moving abroad.

Whatever the reason for going into voluntary Liquidation, we will look at the different types of voluntary Liquidation available to find the best option for you.

Members’ Voluntary Liquidation

One form of voluntary Liquidation is Members’ Voluntary Liquidation (MVL.)

An MVL is a route open to solvent businesses that can pay their bills and typically have assets of £25,000 or over. This is usually the route taken by directors that no longer want or need their company. As we have already mentioned, this could be for many reasons, whether they are retiring, moving away, or they opened the company for a specific purpose that has been fulfilled.

This is a prevalent option for company directors of solvent businesses as it allows them to close their business in an HMRC approved, tax-efficient manner.

With an MVL, any funds taken out are subject to Capital Gains Tax rather than income tax. There are also further advantages for those that qualify for Business Asset Disposal Relief (this was known as Entrepreneurs’ Relief before 6 April 2020.)

With Business Asset Disposal Relief, eligible directors who are selling all or part of their business will pay just 10% in Capital Gains Tax on profits over the business’s lifetime up to a limit of £1 million. This is a considerable saving compared to income tax, which they would otherwise be charged, set at a rate of 18% at the basic level and 28% at the higher level.

Creditors’ Voluntary Liquidation

An MVL is an option available to solvent companies, but what about insolvent companies?

For businesses that are no longer sustainable, can’t cover their day-to-day costs, pay their bills, and are being chased for payments, a Creditors’ Voluntary Liquidation (CVL) is the best option.

Again, this is an entirely self-imposed process compared to a Compulsory Liquidation in which a company is forced to close.

A CVL is usually the best route to take if you have creditors asking for money to be repaid and you wish to avoid being forced into compulsory Liquidation. It also allows you to protect your finances from your business debts.

Whether you use the MVL or CVL process, both are legal procedures, and therefore, a licensed Insolvency Practitioner must be appointed to carry out the Liquidation.

How to choose the right Insolvency Practitioner

Entering into voluntary Liquidation is a big decision, and the Insolvency Practitioner you appoint can significantly impact the outcome. That’s why it’s essential to do your research and find the right Insolvency Practitioner to work with.

There are a few key things to look out for in an Insolvency Practitioner. First, you must ensure they are fully licensed. A qualified, licensed Insolvency Practitioner can only carry out voluntary Liquidation as a formal insolvency procedure.

You should also check that the Insolvency Practitioner has experience in your industry and with similar cases to yours. This will ensure they can bring their expertise to find the best solution for you.

Finally, it is crucial to ensure the Insolvency Practitioner has a good reputation, has been trading for a long time, and has a proven track record of success.