7 Things to Know When Writing Your Business Plan

Every business needs a strong business plan. Whether your motive is to attract potential investors or to have to a clear direction, your business plan is critical for your success. However, writing a business plan isn’t that easy. There are plenty of free online templates to help you out, but they don’t include all of the important details. Here are seven things to know when writing your business plan. 

Do Your Research 

The first thing you should do is research your market, your objective, and your product. You’ll have to spend twice the time evaluating, researching, and thinking about your business plan. To write a strong business plan, you need to know your company, your competition, your market, and your product as much as possible.

It’s up to you to know everything about your business and the industry before launching it. Read trade magazines and publications about your industry and find your target audience.

Determine the Purpose of Your Plan 

business plan can serve multiple purposes. It should provide you with a road map with different directions to plan your future and avoid any potential mistakes. You should keep this in mind if you’re self-funding or borrowing money to grow your business. For example, if you’re launching a fashion label, then you need to know the amount of money needed to start a clothing line.

If you want to attract potential investors, then your business plan should have a different purpose in mind. Since your business plan should attract investors, you want to make it as clear and concise as possible. When you clearly define your plan, make sure that you define your goals as well.

Create a Company Profile

The company profile includes the history of your organization, information on your audience and target market, the resources used, and the products and services you provide. It should also include how you plan to solve a problem and what makes your business stand out from others. When you create a company profile, you can include it on your website’s About page.

Company profiles are often seen on the company’s websites and are used to attract the right customers. Your company profile can also be used to describe your company’s mission and goals in your business plan. It’s one of the most extensive parts of your plan. Having a company profile in mind will make this step easier.

Document All Aspects of Your Business 

Investors want to know if your business will make them money before they put any money into it. They need to know the details of your business. Document everything involved with your business, including the cash flow, expenses, and industry projections. Don’t forget to include other details such as licensing agreements and your location strategy.

Create a Strategic Marketing Plan

A solid business plan should have an aggressive and strategic marketing plan. This includes having marketing objectives such as having a clearly defined content marketing strategy, entering into long-term projects with potential clients and extending or regaining a market for existing products. Of course, a marketing plan will come with its share of costs. You should include a section for allocated budgets for each of your marketing activities.

Adapt it to Your Audience 

The people who will read your business plan are lenders, bankers, employees, and venture capitalists. While it’s a diverse group of people, it’s only a finite group, according to Sewport CEO Boris Hodakel. Each reader doesn’t have the same interests in mind. If you know their interests, you can take those into account when creating a business plan for your target audience.

Bankers want the balance sheets and cash-flow statements, while venture capitalists will be looking for basic business and management concepts. You want to make sure that your business plan is modified depending on your audience. Keep these modifications in mind when creating various business plans. For example, if you’re sharing financial projections, that should be across the board.

Explain Why You Care 

When you’re creating a business plan for a banker, customer, investor, or team member, you need to show why you’re so passionate about your business. You can discuss some of your business mistakes and the lessons that you’ve learned. Explain what makes you stand out among your competition.

Maybe you’re someone who wants to change the world. You want to change the way that customer service is handled or the way online payments are made. Explain this in your business plan. Your passion will show through everything that you do. Explaining why you care about your business will help create that emotional connection with others so they’ll want to support your business.

Guest Post: About the Author

Tomas Smith is a production process specialist at Sewport – an online marketplace connecting brands and manufacturers, former advisor to various clothing manufacturing businesses. He is passionate about process optimization and all things related to garment manufacturing, writing and sharing his knowledge with the world.

Three Proven Ways to Prioritize Your Day for Maximum Efficiency

There are only so many hours available in the day, and many of us feel like it’s never enough to accomplish everything we have set out to. What’s even more frustrating are the co-workers that seem to have just as much responsibility as you do, but who manage to get everything done and leave it a decent hour while you are stuck at the office catching up on emails way past 8PM.

The difference between efficient individuals and those that need a little more help may simply be the ability to prioritize the day. Read on to find three useful strategies to make yourself more productive at home and at work:

Start the Day Before

If you were to finish reading this article with one takeaway, it would be to plan your day the night before. Truly productive people review their calendar the day before so that they are aware of meetings, deadlines and tasks that are set for the following day. This way, you won’t be coming into the office prepared to work on a project only to be blindsided with an offsite meeting that you completely forgot about.

If you make it a habit to review your calendar the night before, you will be able to not only become aware of the plan for the following day, but also rearrange your schedule to focus on the most pressing things first. Then, you can create a daily schedule and pencil in allocated time slots for each activity to make sure you stay on track and meet all your deadlines.

Create a Successful Morning Routine

If you just can’t seem to get going in the morning and are a habitual user of the snooze button, that may be hindering your productivity throughout the rest of day. In order to make yourself ready for the day ahead, wake up early enough to complete your morning routine before you head out of the house.

This means waking up early enough to shower and have a sensible meal full of healthy and nutritious ingredients that will provide you with enough energy to last until lunch time. Running out of the house at the last minute and grabbing a sugar-laden pastry or donut will only leave you with a sugar crash as soon as you get into the office, making you feel lethargic and sleepy.

A successful morning routine may only mean waking up 30 minutes early, but that will allow you to work smarter and faster, thus leaving you with more free time in the evening to relax and focus on personal tasks.

Cut Out Time Wasters

Some people are better at time management than others, but it is never too late to learn new skills. This is where technology can be a beneficial tool, with apps such as RescueTime helping you monitor your behavior and understanding how you spend your time.  

This app will generate weekly reports of your online and mobile activities and how much time you spend on each website. You can set goals for productivity in this app, which will stop you from visiting websites and apps that will waste your time, such as social media platforms and entertainment sites.

Although you can’t add more hours to the day or likely lessen your load, you can prioritize your day so that you can be more efficient and productive. With just a few adjustments to your process, you can be prepared for the tasks ahead and manage them in the most responsible way to feel accomplished at the end of every day.

 

5 Keys to Qualifying for a Small Business Loan

Are you looking to secure a loan to grow your business? The numbers aren’t exactly encouraging when it comes to approval rates. Alternative lenders approve around 56 percent of small business loans, while traditional banks (who have less experience with non-collateralized loans) only approve around 27 percent.

Despite these somewhat disheartening statistics, there are several steps you can take to strengthen your application and make the best case for your business.

Keep in mind that lenders are essentially risk managers. When they review your application, they’re looking at the amount of risk involved when it comes to your ability to repay the loan. Follow these five steps to minimize the risk your business represents and improve your chances of approval.

Get Cash Flow Under Control

In the eyes of a lender, cash flow is king. The strength (or weakness) of your business’s cash flow is one of the main factors lenders consider when deciding whether or not to approve your loan.

Ideally, lenders are looking for a history of positive cash flow — when more money is coming in than going out. They want to see that you have enough money to cover all of your monthly expenses, with enough left over to comfortably make a hypothetical loan payment. Dips into the negative are a red flag that indicate risk.

Depending on the lender, anywhere from 90 days to 24 months of your cash flow history will end up under a microscope. It pays to get serious about cash flow management now so you can build up a history that lenders are comfortable with. Intuitive online tools can help you get a handle on your cash flow, and simplify analysis with visuals like charts and graphs.

Check Your Credit

Always check both your personal and business credit before you apply for a loan, and fix any errors that may be dragging down your score. Depending on the lender and the type of loan you’re requesting, one or both reports may be pulled as part of the loan approval process.

Your business credit will likely be taken into account if you’re applying for an SBA loan, or a loan from a traditional bank. If your business is new and has yet to build up business credit, your personal credit will often be taken into account, along with that of other majority stakeholders. In lieu of business credit, banks often judge your ability to repay the loan based on your personal score.

Not only will your credit scores affect your chances of getting approved for a loan, they can impact your interest rate should you get approved. If either your business or personal credit score is low (below 600 for personal credit), take steps to improve it before you apply for a loan.

If your credit is less than stellar and you don’t have the luxury of time to improve your score, you still have options. Alternative lenders are generally more lenient when it comes to credit scores, and often weigh cash flow more heavily when making their lending decision.

Know What to Ask For

Asking for either too much or too little can hurt your chances of getting approved for a loan, depending on the type of lender you’re working with.

Need a loan that’s less than $500,000? Traditional banks may not be your best bet. Historically, they tend to lend higher amounts — and have less experience dealing with loans that may not be backed by collateral.

Alternative lenders, on the other hand, are more likely to lend small amounts, and the application process can be much faster and easier. The key, of course, is to show these lenders that you can repay the loan (see number 5). To increase your chances of approval with these lenders, only ask for as much as you can comfortably pay back.

Know Why You’re Asking

Would you let a friend borrow $10,000 without knowing what it’s for? The same goes for lenders. A surprising number of applicants fail to tell lenders exactly how they plan to use the loan. Always define how you’ll put the capital you’re requesting to work to grow your business.

A convincing business plan is a great opportunity to remove any doubts a lender may have about your ability to repay the loan. Laying out a plan for the funds you’re asking for will go a long way to boost a lender’s confidence in your business.

Prove You Can Pay it Back

This common sense step goes right back to your all-important cash flow. When a lender scrutinizes your financials, what they’re really looking at is your ability to repay the loan you’re requesting. If you ask for an amount without showing exactly how you plan to pay it back, your application will likely land in the rejection pile.

Cash flow projections will go a long way to show a lender exactly how you’ll cover those loan payments. Fortunately, showing lenders where your business is headed doesn’t have to be difficult. Those same online tools that helped you analyze your past and current cash flow can help you create a future projection that you can hand over with your application to improve your chances of getting approved.

Guest Post: About the Author

Eddie Davis – As VP of Business Development at FINSYNC, Eddie has the great pleasure of introducing a world-class financial platform to partners ranging from financial institutions to accounting, advisory, payment and others parties interested in facilitating better business through automation and analytics innovation.

 

Streamlining Your Bookkeeping Process: Tools for Small Business

Whether you’ve been running your small business for years or are just opening up shop, efficient operations are the key to business success. When it comes to bookkeeping, it’s vital you run a smooth operation that gives you timely, reliable results. Bookkeeping tasks includes setting up accounts, entering transaction data, generating reports and preparing tax returns. It is the key part of your accounting system, including invoicing, bill payment, banking, inventory management and payroll. We’ve assembled here a short prescription for streamlining your bookkeeping process and have included a list of bookkeeping tools to boost your efficiency.

Five Keys to Efficient Bookkeeping

Even minor improvements can have a major impact on your business’ efficiency. Here are five:

  1. Establish or review your system:

    If you are just now organizing your business, you will need to have a detailed bookkeeping system in place from the very start. It starts with basic tasks, such as entering your receivables and payables as soon as you can — don’t let invoices or checks pile up on a desk, as it’s all too easy for something to fall through the cracks. Review your chart of accounts to ensure its properly set up and capturing all the information you need. Establish training materials in case you change bookkeepers, as this will save much time should the need arise.

  2. Maintain your pace:

    As we just touched upon, you should never fall behind on your bookkeeping. Even a delay of a few days can snowball into bigger problems. Errors often occur when you have to play catch-up. For example, your inventory system might fail to reflect orders placed if you haven’t yet entered the data into the system. It’s wise to have at least one “backup” bookkeeper who can step in when the primary one is away.

  3. Contract with a CPA:

    You probably don’t need a full-time CPA on staff, but that shouldn’t stop you from hiring one as a part-time consultant. CPAs can ensure your books are being kept correctly. You’ll probably have the CPA prepare your tax returns and answer any questions that come up. And in a pinch, your CPA can temporarily maintain your books if you need to find a new bookkeeper.

  4. Keep receipts:

    It’s such a cliché, but nonetheless true. If you don’t keep, organize, and record your receipts, your business will likely slow down as you search for purchase information from weeks or months before. Consider digitizing each receipt, and in any event, set up a filing system that ensures you can find a receipt when you need it.

  5. Use the best tools:

    It goes without saying that, in 2019, very few businesses are run using a paper-based accounting system. Since everyone automates, it makes sense to choose the systems and tools that have impressed the experts and other users. Don’t worry, you don’t have to pay thousands to get a basic accounting package. In fact, some good ones are free! Keep reading to see some expert recommendations.

Tools for Efficient Bookkeeping

The most valuable business tool is your accounting system. If you are a small company, consider getting a modular system with separate packages for basic bookkeeping, invoicing, inventory, payroll and so forth. Here are some noteworthy systems to consider:

  1. Wave:

    This is a top-rated free accounting system with more than 1.5 million users around the world. It’s a cloud-based system accessible anywhere you can establish an internet connection. It has impressive functionality, including invoicing, receipt management and banking. The only cost is a processing fee for online payments.

  2. Sage Accounting:

    Perfect for self-employed business owners who need a simple system that can be upgraded as your business grows. Prices start as low as $10/month.

  3. FreshBooks:

    A powerful accounting system that integrates most accounting features and interfaces with popular CRM and customer service apps. Prices start at $19.95 per month.

  4. Others:

    Many other accounting systems also perform well, including QuickBooks Online, Xero, Sage 300 Cloud and Sighted. If you need a payroll package, consider WagePoint, Gusto and SurePayroll. For tracking time and expenses, look at TSheets, Expensify and Neat.

Take the time to get your bookkeeping right from the start and you’ll save countless hours on error correction and rework. Your business will save money and you’ll have one less thing to worry about.

The Best Tech Tools Entrepreneurs Recommend to Boost Business Productivity

As an entrepreneur or small business owner, it’s important to make sure you’re covering all areas of business in the most effective way possible. While you’ll have different priorities at different times, your accounting department is just as important as your customer service department. Each cog is vital in running a smooth and effective machine.

However, as a small business, the chances are you’re doing a lot of these processes yourself, but thanks to the modern age, there are plenty of tools out there to help you get things done correctly while maximizing productivity. This means apps!

Today, we’re going to look at a selection of some of the best apps and tools out there that can help you get every job in your business done to the best of your ability.

QuickBooks

As we mentioned above, accounting is a crucial department you’ll want to make sure you’re nailing in your small business. Get it wrong, even on the tiniest mistake, and this can have huge consequences for your business, especially from a legal standpoint.

Fortunately, the QuickBooks app makes it easy for you to load up and connect your bank accounts to easily keep track of all your finances and get the facts spot on.

Square

Being able to take mobile and card payments as a business is essential when it comes to maximizing your revenue and providing your customers with the best experience possible. Square is an excellent solution for making sure you have all bases covered.

ZenDesk

As above, the level of customer service you offer is essential because this is what people are going to think of your business and will make or break as to whether they recommend you or never come back. ZenDesk makes it easy to offer fantastic customer service from your computer or mobile.

Toggl

When running a small business, it’s easy to get caught up with tasks, and you end up spending way more, or way less, time than you originally planned. Toggl is a free time tracking app that can help you keep on top of things and spending your time and energy in the right places.

Evernote

Every entrepreneurial tool list will mention Evernote, and that’s simply because it’s so effective at what it does and brings so many benefits to small business. “From jotting down notes and ideas for the future to keeping track of employee hours and orders, Evernote can be whatever you want it to be” shares Nina Harper, a business blogger for WriteMYX and Brit Student.

MailChimp

Marketing your business is an essential process you need to go through to get your business out into the world, and one of the best ways to market is through email marketing. MailChimp makes it easy to manage and create your email marketing campaigns, and you can get started for free up to 5,000 people!

HootSuite

Hand in hand with the marketing point above, you’re going to want to market your business on social media to get it out to the masses. While there are plenty of options to choose from, Hootsuite is a great way to manage all your accounts in one simple place.

There are all the features you could need, including post creation and scheduling to answering comments and managing the accounts you follow. Hootsuite, available on desktop and mobile devices, really does have it all.

WordPress

Every business needs a website to be an online HQ for the company, but this can be expensive and complicated if you have no experience in it. “However, WordPress is designed to alleviate these troubles and make it easy for anybody to set up a professional website in no time at all” explains Sarah Coombes, a writer for Next Coursework and 1Day2Write.

Through WordPress, you can manage everything from the theme and design of your website to the blog post and content you’re creating. Everything; all in one place.

Slack

Slack is an instant messaging platform designed to help you and your team communicate in the most integrated and effective way. Slack ensures your team can sign into their workspaces from anywhere to stay in touch and maximize productivity.

Slack is available on all devices, and with the ability to set up an infinite number of channels, which could be dedicated to different projects, different clients, or different departments, it’s easy to stay organized and one step ahead of the game.

Guest Post: About the Author

Emily Marchant is a marketing manager at Academic brits and Origin writings. She is responsible for renewing and retaining existing subscribers through campaigns that involve newsletters, sponsored content, partnerships, ads and events. An excellent project manager and a team player, and a blog contributor at Phd Kingdom.

Spring Cleaning for Your Business: Tackle These Tasks

Spring is a time of rebirth and new beginnings, and it’s not just for nature or your closet. Your business can greatly benefit from a spring cleaning to clear out the old, and streamline the new. What tasks can you tackle that can help you run a more productive and profitable company? Below are some examples for your inspiration:

Digitize

With more and more technological advances coming out daily, it is surprising that many people are still using outdated paper processes to manage their business operations. The spring is an excellent time to review how you handle your billing, filing and communication, and find more innovative and efficient ways of optimizing them.

For example, using filing cabinets to store paper files is extremely inefficient for multiple reasons—it takes up a lot of space, it is time-consuming to put away and find needed documents and it exposes your sensitive information to theft or fire. A better way to clean up your documents is to use a virtual file storage system where you can scan information and store it in a digital cloud. This way, you can access your documents from anywhere at anytime, and implement cybersecurity to protect this information. Click here to read reviews and pricing for digital filing tools.

Hold an Innovation Contest

Entrepreneurs on the hit show Shark Tank are always questioning old processes or products and finding better ways of improving them. Most of us get so preoccupied with our daily tasks that we forget to question standard processes to see how they can be optimized to be more efficient.

Now is the time to create an innovation contest, urging employees to find creative solutions for existing operations. By motivating your colleagues to think outside of the box and have a safe space to suggest an idea, no matter how crazy or silly it may sound, you can pinpoint great ideas you can implement throughout the rest of the year.

Reinvent Traditional Meetings

Did you know that 6 out of every 10 meetings are over an hour long? That means that you are wasting at least 1/8th of your day that can be spent on other, more pressing activities. While  interaction with your employees is imperative, try to reinvent traditional meetings to make them more productive and faster.

Did you know that meetings up to 18 minutes long are able to capture the concentration of attendees the best; after that, they start getting bored and distracted?

Instead of having a large interdepartmental meeting every week, why not create micro meetings that last 10 minutes or less with only the people that are directly involved? This way, you can allow colleagues that do not need be part of the conversation the opportunity to work on other tasks instead of sitting by idly wasting time.

Commit to a New Project

There are many projects that you likely have in mind, but have been hesitant to implement due to a lack of resources. Whether it is a new marketing campaign or research and development for a new product, spring is the time to commit to a new project that can grow your business.

Creating a new annual goal that can help you beat the competition and take over your niche market is imperative to stay relevant in your space. If you do not have the financial resources to invest in this task, IOU Financial is here to help. We work with small businesses to finance up to $500,000 in small business loans in as little as 24-48 Hours. Click here to contact us and learn more.

Make Your Business More Efficient With These Stunning Tips

Running a profitable business is everything but simple. A study shows that more than 540 thousand new companies are launched each month, but a staggering portion (50%) of small businesses fail within two years.

It’s obviously not so easy to start a company and keep it productive in the long-term perspective, but what can you do to prevent failure and make your team more efficient? There are tons of tricks and tactics to use here, but some of them prove to be more fruitful than others.

In this post, we will show you seven ways to make your organization super successful. Let’s take a look!

1.   Determine Business Goals

As an entrepreneur, you must have some goals that you are trying to reach. The ultimate objective is, of course, revenue generation, but this should never be the one and only business goal. On the contrary, you can only achieve it if you previously fulfill all other preconditions.

What you want to achieve depends on the nature of your business, but most companies are trying to hit the following targets:

  • Traffic increase: One of the first objectives is to raise awareness by attracting more people to visit your website.
  • Customer retention: Perhaps your goal is to build a larger base of loyal consumers.
  • Improve customer service: Customer service is an important brand differentiator, which is why you should try to improve the overall level of consumer satisfaction.
  • Lead generation: A lot of companies are trying to generate verified leads.
  • Drive conversions: Finally, you want to convince prospects to convert.

2.   Customer Service

We already mentioned that customer service is a critical part of every organization – and for good reason. According to the research, more than half of consumers have stopped doing business with a company because of a poor customer service experience.

In such circumstances, you cannot afford to neglect this segment of your business. Customer service agents have to be knowledgeable and polite, answering clients’ inquiries in a timely manner. Besides that, chatbot technology made a massive breakthrough in the last few years, so we strongly recommend you to consider adding it to your customer service portfolio.

3.   Choose Marketing Channels Wisely

Small businesses should choose their marketing channels very carefully. You probably don’t have too much money to spend on brand promotion, so you better find the most productive and cost-efficient ways to tell the world about your company.

This is where digital marketing steps in to save your day. Namely, content creation costs 62% less than traditional marketing and generates about three times as many leads. The best thing about it is that you can distribute pretty much the same types of content through different channels, including social media, a website, email newsletters, and so on.

Digital marketing is amazing because it allows you to reach global audiences almost instantly, but you don’t even have to spend the budget on it. If you are able to create outstanding content week after week, you can earn higher search engine ranking organically and enjoy the privilege of forming a wide fan base.

4.   Make Use of Local SEO

Do you know that 46% of all searches on Google look for local information, while 70% of customers visit a store based on information found online? More and more users conduct “near me” searches, so you should exploit this fact to make your physical store visible online. All you have to do is create a business accounton Google and add company-related information such as address, phone number, etc.

5.   Retain the Best Employees

Products, services, software, and devices don’t make a company. On the contrary, employees are what makes your organization so valuable and you must give all you have to retain the best workers. This is not only common sense but rather a proven fact as the cost to replace a highly-trained employee can exceed 200% of their annual salary.

How can you stop your best people from leaving the company? You can try a number of different methods:

  • We all work to make a decent living, so it’s always a good idea to give your finest employees a raise.
  • You should embrace workplace flexibility and help employees to balance between personal and professional duties.
  • Another option is to provide workers with small perks such as free snacks or gym memberships.
  • Of course, building a friendly atmosphere is a great way to improve employee retention.

6.   Leverage Online Tools

No matter what you do or how well you do it, you can always find a digital tool to speed up, automate, or improve the process. This goes for almost all areas of business as you can quickly search and find different types of online assistants. From proofreadingand case study writing service all the way to virtual surveys and collaboration software, tons of incredibly useful tools are only a few clicks away from you.

7.   Analyze Achievements

We begin and end this list with your business goals. While the first part was dedicated to goal-setting, the last one is all about measuring the results of your professional activities. Key performance indicators (KPIs) must follow the goals you set because it’s the only way to determine whether you are doing the right thing or not.

As soon as you notice that something is not functioning the way you planned, you should change it or remove it completely. Of course, business analytics is not a one-time process, which means you have to do it regularly in order to maximize the productivity of your organization.

Conclusion

Small businesses depend on hard work and strategic planning, so you’ll have to invest a lot of time and efforts into making your company profitable. We can name dozens of interesting solutions on how to improve your organization, but there are only a few mechanisms that can guarantee excellent results both short- and long-term.

In this post, we presented you with seven ways to make your business more efficient. Make sure to remember our tips and let us know in comments if you have any other ideas to share with our readers – we would be glad to read it!

Guest Post: About the Author

Jacob Dillon is an editor and journalist at EssaysOnTime. The best way for Jacob to express himself is to write. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook.

Are You Overpaying Your Business Expenses?

Running a small business is a costly undertaking in terms of time, effort and money. Unfortunately, too many businesses spend too much on their expenses. This eats into your working capital unnecessarily, possibly crimping your flexibility and your ability to take advantage of opportunities as they appear. Let’s look at some expenses for which many owners overpay.

Credit card processing:

As your business grows, so does your credit card volume. Have you asked for a quantity discount on your credit card processing fees? This is an extremely competitive market — shop around and you might find much better deals.

Design instead of content:

Your website is a tremendous lead generator. A problem surfaces when owners lavish too much money on design without paying enough attention to content. Your search results will improve if you populate your website with timely, authoritative content. While fancy design is fine, it won’t improve your Page Rank, and it can be expensive to create and maintain. Spend that money instead on quality writing and search engine optimization.

Oversized office:

Rent is expensive. Are you paying for space you don’t really need? Have you filled your office with expensive furniture and equipment? Many businesses can function in smaller spaces or even in a home office. The latter is a great option because it gives you a tax deduction without additional expense, eliminates your commute time (saving money on gasoline), and perhaps reduces your wardrobe costs.

Inefficient employees:

You might spend more on labor than any other expense. Inefficient employees are costly because you are not getting your money’s worth and you might even overstaff to compensate for some bad apples. There are ways to quantify how much an employee is returning to the business. Good employees should return 5 to 10 times what you pay them. If your employees are underperforming, replace them with better ones (even if they cost more) or use contractors instead.

Unproductive advertising:

Do you know your marketing return on investment (ROI)? If not, you don’t have a handle on how your marketing efforts are performing. Many businesses spend a lot of advertising dollars on Google and Facebook. These media sites can provide extensive information about your marketing ROI, but it goes to waste if you don’t use it.

Using paper:

OK, its 2019. Aren’t you ashamed you still haven’t gone paperless? If you had invested in a paperless office, you’d be saving a small fortune on printing and photocopying costs. Plus, don’t you want to save the trees?

Unnecessary travel:

Some transactions require in-person interaction. But does that really pertain to your business? Consider the costs of travel, hotel, meals and entertainment. Chances are you aren’t getting a good return on these expenses. Your time might be better spent conducting your business on Skype, and you’ll save a fortune.

Living the louche life:

You are a business owner, not a superhero. If you burn the candle at both ends, you’ll get burnt. Guard your health by avoiding too many nights entertaining customers, vendors and employees. Your tab will be substantial, and your health might suffer. Sure, you can probably charge off your entertainment expenses, but you may pay in other ways.

Failure to grab opportunities:

In the penny-wise and pound-foolish department, false economies can cost you in the long run. For instance, you might be offered inventory or raw materials at a discount, but you don’t make the purchase because you don’t want to borrow the funds you need. This behavior can stymie growth. The lesson is to use borrowing intelligently. If you don’t, you can be certain your competitors will.

These are just a few of the many ways you can cut waste and increase efficiency. Should you need to beef up your working capital, contact us at IOU Financial for business loans that are easy to get and easy to repay.

Designing Mobile Websites for Voice Search & Why Is It Important?

If you want to get an edge over the competition, you need to utilize every tool you can get. Some tools push you forward, others don’t let you stagnate. An example of the latter is mobile optimization. Before it was a bonus if your website was optimized for mobile. Now, however, it’s practically expected. Customers will be annoyed if they visit an unoptimized, mobile-unfriendly website. This is further exacerbated by the fact that most people do their browsing with their phones anyway.

But, a new and relevant trend now is optimizing your websites for voice search. If done properly, it can really make a difference. Read how and why below.

Why it matters

Beside the fact we mentioned (namely, getting every edge you can), there are reports that web browsing using voice search is growing steadily. This is due to the appearance of more, and higher quality, gadgets, and elements that utilize voice search. We all know about Apple’s Siri, Google Now, Cortana, Alexa… Everybody sees the potential utility and futuristic aspects of using voice search.

So, why does it matter? Because if you properly set everything up, having good voice search functionality will get you more traffic. It also improves your SEO, because people get their answers faster. This speed mitigates high bounce rates and other negative signals that influence your rankings.

But, how to actually optimize properly?

Implement locations within your content

The aspect of localized SEO can get you much better results than simply focusing on every search engine optimization elements equally. And while we do believe that you should have proper SEO done for your website, know that there is only so much you can do if you go too general. Focusing on improving your localized SEO, on the other hand, will give you better results, especially if your company localizes its business dealings to your region. Now, this all matters for voice search in that there are reports stating that almost half of all voice searches are done for local businesses.

So, here is what you should do. Include the name of your city into your metadata and into your content. Use certain phrases, words, and images that are specific to your region. Remember to tag all your images and videos appropriately, placing the name of your region within. Provide audio transcripts for your videos if said videos contain relevant localized SEO keywords.

Use callouts

You want your content and SEO to be as organic as possible. The point you should be moving towards is setting up the content within your website to sound more like a conversation, than a robotic one-sided monologue. To do this, one of the steps that you need to consider is figuring out what questions your potential clients may ask. Either use certain tools, like Answer the Public or just check Google Analytics data and Keyword Finder.

When you figure out the questions, you obviously need to answer them. The answer themselves can be placed in featured boxes within relevant pages on your website. If done properly, these answers can show up in featured snippets, attracting users even more.

You can always delegate these kinds of tasks to one of your employees. However, this can draw away valuable manpower, resources, and time from some other obligations. Another option is contacting a company like Hoppingmad Website design, that will take on the entire task of setting a website up, requiring only minimal input and time investments on your part.

This all is similar to regular SEO – figure out what the potential client is thinking, and implement it. The difference here is that you want it to be more customized towards voice search.

Common query answer locations are vital

You want to provide your potential clients with information right away. It’s pretty obvious that people want to get what they need as soon as possible, especially if they are using voice search. And this isn’t just about getting content, but also about finding your company, and what you are about, quickly. They want to find out your address, make a reservation, get info on what you offer…

For this reason, you want to place this relevant information at the top of your navigation bar. You want to put in the navigation bar, or in the header. For example, let’s say an individual wants to reserve an appointment with you or your company’s official. Furthermore, let’s say you offer stock market consulting services. They may use voice chat to search for “stock market consultations Brisbane”. If you set up your location properly (see above), and if you have this phrase somewhere at the top of your page, or in your header or title, you increase your chances greatly of being found.

Setting up “Google My Business” can also improve your odds. Register your company properly, fill in all the information that is required of you, and you will definitely see results. The reasons for this is that “Google My Business” gives you an easy and structured system to improve your Google rankings.

Conclusion

Voice search is the future. It’s simple, convenient, and gets the job done. Trying to get the best results with minimal input and investment is an intrinsic part of human nature, and voice search plays directly onto that. So, remember to take care of where you put the most common answers relevant to your business. Try to get proper localized SEO up and running, and use proper callouts.

Guest Post: About the Author

Nick is a blogger and a marketing expert currently engaged on projects for Media Gurus, an Australian business, and marketing resource. He is an aspiring street artist and does Audio/Video editing as a hobby.