How to follow up with networking contacts

Follow-up is the key to making the most of the time, money and effort you invest in going to events. The people you meet at such events can mean extra profits to your business.

Often time, after an event you have a big stack of business cards. Looking at that pile, you think about following up with all of those contacts but are a bit overwhelmed?

Do not worry, your experience does not have to feel that way. In fact, reconnecting with your new contacts can be fun and meaningful.  Here are a few ways to keep those new connections close:

Business card CRM: if you do not have a CRM system, Excel spreadsheets and Sharpies work well.  Immediately after a conversation with a new contact, write the important details about them on their business card.  Since it probably already has their business title, include something that is more personal — like your conversation about a mutual sports team or your connection to their hometown.  That way, when you reconnect, you can keep the connection human. Not only is that more fun than leading with business talk, but it also helps the person remember who you are.  Keep track of each connection you make with your contacts.

Reconnect with cards or notes: although it may seems so last century, getting a handwritten letter is a nice, unexpected surprise.  It shows you thought enough of them to write a card or note, then address and mail it.  That is more effort than an electronic message to let someone know you are thinking about them.  That is why this personalized follow-up method will make you memorable.

Invite: generally, people hate to be sold, but they love to be invited, as long as the invitations are relevant and anticipated.  By offering an invitation to an event, you are providing value and opening the door to future conversations.  If you are the type of person who goes to events frequently, this strategy will require very little effort while providing great results.

Be a Matchmaker: connecting two people via email is a simple yet powerful strategy.  After all, it provides value to two people while simultaneously boosting your worth to both.  In other words, you are not just out to help yourself, you are creating opportunity for others.  But if you should need help in the future, each person may be more likely to help you.

Comment on Content: if you create content (videos, photos, blogs, tweets, books, thought pieces, etc.), you know that it feels great when people provide a thoughtful response to your work.  It is rare, and really means a lot.  That is why you should take the time to peruse the work of any meaningful new contacts.  Then, send them an email with some positive feedback.  For a guaranteed way to continue the conversation, make sure to end the note with a question.  Also consider posting a favorable comment about their work online.

We all like to be remembered so any touch can lead to something more. Be the one to follow-up.

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Boards: Why, When, What and How to Build the Best Advisory Group for Your Business

WHY? The reasons for having a board are varied and include:

Strategy – independent views / voices can challenge and improve strategic decision making with other perspectives, plus help guide your business

Expertise – bring in others who know the industry, or a provide skill that is missing or needs oversight

Succession Plan – you may want to move on to another business or retire; thinking about in advance who is going to take over is important

Innovation – outsiders can foster modernization, improvement

Governance – a formal board process will ensure a company is properly managed

Credibility – quality names will add to the integrity to your company

WHEN should my business get a board?

Establishing a board isn’t necessary for all entrepreneurial ventures; venture-backed companies routinely start out with a board from day 1, and privately held companies, those that bootstrap their way to success, may be small enough to navigate day-to-day operational issues without one.

There are a few scenarios where creating a board not only makes sense but can be a critical part of growing the business to the next level.

Contemplating big moves – businesses that have significant growth opportunities or face significant threats or decisions can find a board very helpful.

CEO or owner decides to step down – a board can be instrumental in finding a new CEO, supporting his or her transition, and holding the person accountable to the owner’s objectives.

Next generation succession – a board can help with the leader’s plan to bring his/her children into the business, a handover that he/she may find difficult can be eased with a board composed of parents, adult children, and advisers who discuss business issues and make decisions together.

For many entrepreneurs who have become successful doing things their own way, the formality of board meetings, can be off-putting. But that doesn’t have to be the case. 

WHAT type of board is the best one for your business?

First, figure out what kind of board you want. There are a range of board types to consider, each appropriate for different situations. 

A board of insiders – composed of shareholders and company executives who come together to make decisions on key issues related to the business. This type of board can be appropriate for closely held businesses that are not necessarily facing major issues, but want to lay the foundation for the future by taking some of the first steps toward more formal governance.

A board of insiders can also be an effective way to involve the next generation of family owners in the process of making major decisions.

These types of boards are relatively easy to assemble, requiring little if any legal setup, and can be an effective forum in organizations that lack sufficient debate and interaction at the senior leadership level.  

An advisory board – generally composed of a combination of insiders and outsiders, but they don’t hold their positions on the board in an official capacity. Owners get the benefit of outside thinking and expertise, but in a less formal context.

Advisory boards work well for owners who are not ready to give up any control, but want advice and support on a range of issues. This can apply to businesses that have a relatively small ownership group that are facing major long-term strategic issues in which a consistent, outside perspective can be helpful.

A well-run advisory board is often more helpful than a formal board; it’s easier to recruit great people, everyone is independent and you can structure meetings in whatever format makes most sense.

A fiduciary board with a minority of independents – has a formal role in the organization; the members have decision-making authority laid out in the corporate bylaws and are also subject to the liability associated with board membership. Keeping the number of outsiders, those unaffiliated with the company or the ownership group, in the minority keeps the decision-making firmly in the hands of insiders. This can be more comfortable for owners who want to maintain their authority while moving to more independent oversight.

Ownership groups that are considering major changes in their ownership structure, either by raising capital or selling a part of the business, may elect to form this kind of board to demonstrate a level of governance and oversight that will be important for outside investors. 

A fiduciary board with a majority of independents – is what you see in most public companies and many large privately held companies. With a majority of outsiders, the board generally functions more objectively and independently than if it were dominated by insiders. While still acting on behalf of the owners, the board is more likely to drive the strategic agenda and have more authority.

These boards also typically can and need to attract members with a higher level of expertise and experience. Most privately held businesses that pursue this route have an ownership group that, for a variety of reasons, has decided to turn the majority of the key decisions over to a board. Perhaps the founders have sold their stakes in the company, ownership has passed on to a next generation of owners who don’t know much about the business, or the owners are preparing to go public or pursue some other liquidity event.  

HOW to proceed?

Once you’ve made the decision to form a board, how do you actually move forward?

1. For a first-time board, you should aim for 5-9 members, to ensure a range of opinions but not so many that everyone will be fighting for airtime. Consider looking for people within your network to serve on your board before going to a search firm or recruiting more broadly.
2. With regard to pay, you should expect to pay board members enough to make them feel appreciated, but not so much that they feel like they are doing it for the money. One useful rule of thumb some companies use is they compensate the board at a daily rate equal to the CEO’s effective daily rate.
3. Finally, no friends, customers, suppliers, or other connected individuals who are obviously underqualified or has a conflict of interest; they can compromise the effectiveness of the board. Everyone you choose for your board should be there because he or she has something to contribute and is willing to deliberate the issues carefully before, during, and after the meetings.

Once the board is up and running, here are a few guidelines to get the board off on the right foot.

1. Make sure the board functions well as a team. It is as important to get a group who works well together as it is to get people with the right experience or expertise. Effective discussion and decision making requires good chemistry, so interview for personal fit and character as well as what is on the résumé.
2. Give the new board members some breathing room to be effective. Initially, it can be tempting for you as the leader/owner to set the agenda, dominate the discussions, and focus only on what you are interested in. You need to make sure you are listening, especially early on. After all, you formed a board, presumably, to get support and guidance from others.

Consider going as far as giving the chairmanship or other important responsibilities to other members of the board to distribute the balance of authority.

3. Define the board’s authority clearly. Be clear about what decisions they can make and which ones they cannot. This will help focus the discussions on what they can affect and reduce confusion between the roles of the board, owners, and CEO.
4. Finally, set the tone that every board member works on behalf of all It can be tempting for board members to align with one or a group of shareholders, especially if they were introduced to the board by said shareholders. For the board to stay focused on what is best for the company and thus the entire shareholder group, they should avoid pushing a particular shareholder’s agenda.

To address your fear of somehow losing control by bringing in a board, it’s important to make clear that the board reports to you (and your partners, if you have any) as the owners, not the other way around. This is generally documented in the corporate bylaws. You, as owner(s), will retain the ability to make the key decisions, including selecting board members, while delegating only the decisions you choose to the board.

Many owners look back at the founding of their board as a critical moment in the long-term success of their business and in their own success as owners stepping away from the business.

Understanding that boards can be designed to fit the unique needs of every business can ensure that you get the expertise and support you need without the unnecessary bureaucracy or any unintended loss of control.

If you consider why, the range of options for what type and how to build a board, you’ll be far better positioned to know when you’re ready for one.

 

The Necessity of Reference Checking

Despite how important it is to thoroughly vet your next hire, few businesses take the time or expense to initiate a thorough background assessment.

While having a “gut” positive reaction about a candidate is important, there are myriad reasons to check new employee references.

Here are just two:

• Internal security: much of your business secrets are available on company IT systems and how easy the system can be internally stolen, a new hire should be vetted.
• Danger: employees can sometimes be hazardous to themselves and others.

 Reference checking is critical to making your business more competitive and protecting it.  Today +90% of reference checking can be done online; it is fast and affordable.

Here are some additional reasons you will want to check your employees’ references, if you are not routinely doing so already.

1. Automated reference checking solutions allow you to move faster than the competition. With the economy growing, good candidates aren’t available for long. Don’t lose your next great hire to the competition while you’re reaching out to confirm the right references and their contact information. With automated reference checking solutions, you can reach 4 to 5 references in under 2 business days.
2. Call it quits on phone tag and getting routed to an HR person.  Consider utilizing an automated, cloud-based process to obtain job-specific feedback from references. You can use your time for other things and get the pertinent information on whether to make that hire.
3. Look ahead by looking back. In reference checking the goal is find positive indications of future performance. While how well a candidate performed in the past is often buried in a vaguely positive referral. A reference check verifies the candidate’s skills or knowledge, as well as the specific soft skills and behaviors of doing the job well.
4. Modify candidate questions to fit position needs. The skills needed for an accounting role are much different than those needed for sales. So why are you asking references nearly the same questions for every job role? How do you know the right questions to ask for each and every hire? Job-specific surveys developed by experts can let you learn the candidate’s suitable for the position.
5. Avoid that one bad hire that can affect the whole company. When an employee doesn’t work out, it can create a toxic environment and hurt everyone’s productivity, damage the company’s brand, and more. A bad hire is 29-times more costly than a good hire. But how do you gauge soft skills like a candidate’s work ethic, professionalism, attention to safety protocols, or the ability to work in a team environment? With the right online reference solution, you can ask about whether a software engineer can understand product requirements or whether a service representative has empathy when listening to customers.
6. Add some analytics to the mix. Performing well in a job requires the right combination of skills, experience, and behaviors’; it’s a complex equation. Background screening can provide detailed reports for all your candidates and comparison reports across candidates. Why not apply actionable data behind your hiring decisions rather than relying solely on your gut?
7. Go mobile. Today’s candidates and references are hooked to their mobile devices. Making your reference checking solution mobile increases the chances that they’ll respond quickly. Reference feedback is available more than 20% faster when candidates use mobile devices instead of a PC.
8. Support compliance. Some organizations have thrown in the towel and given up on checking references on a consistent basis. But it’s a costly omission. Companies can be sued for negligent hiring, discrimination, or other claims if candidate assessment criteria are biased, or not checked consistently across all applicants. It’s not just about good processes; it’s about the law. Replace potential bias with science to assess candidates objectively and consistently. And make sure your solution adheres to EEOC guidelines too.
9. Enable your hiring managers to excel. Busy schedules and lack of HR training can prevent hiring managers from preparing well for job interviews. Make them pros by giving them detailed feedback reports and behavioral interview questions in advance of the interview. They’ll know the right questions to ask so interviews are more productive and on target.
10. Champion diversity. Evidence is mounting that having a more diverse workforce delivers serious benefits. Achieving diversity and realizing its advantages means reaching the widest possible range of candidates. It also means assessing them for their ability to do the job they’re applying for. But many barriers still stand in the way. Online reference checking solutions can help you quickly and legally assess job-specific skills, without adverse bias.
11. Don’t let language be a barrier to finding your next great candidate. Multilingual reference support gives all references a chance to weigh in, even if English is not their primary language. Nearly 1 in 10 working-age U.S. adults speaks a language other than English, according to a Brookings Institute study.
12. Make a good impression. Candidates aren’t the only ones under the microscope; they’re checking you out too. A good reference checking solution will help your company stand out from the others. It says you’re a forward thinking organization, embracing new technologies to get the job done and always thinking one step ahead. This can be a real-game changer. Plus, these solutions help you build your organization’s brand by offering custom branded opt-in pages, links, and forms to promote your organization and recruit not just references, but referrals and visitors to your website and career page.
13. Build a talent pipeline. Great people tend to know other great people. With automated reference checking and sourcing tools, you can reach more references, and turn them into future candidates. Talent determines the success or failure of every business. With the best people in the right positions, your company can achieve amazing things.

The bottom line is reference checking is an important tool for your business success. Automated reference checking can be an effective tool for streamlining the process.

Get Ahead of This Holiday Season

This year’s holiday season requires more advanced planning due to the changing face of retailing in particular and commerce in general.

Smart business leaders are already planning for the year end, which can be the difference between a so-so year and spectacular profits. 

One of the major changes in this current marketing world is a simple fact: the average customer has more ways of shopping than previous generations.

Here are some things to consider:

• Today’s savvy customers are comfortable both online and in store.
• They expect brands to deliver seamless sales experiences.
• Mobile-based buying is strengthening.
• The sales process revolves around the customers and their needs.
• Products, services need to be there when they want them and no delays.
• Customers are less loyal than previous generations.

With this in mind, here are some ideas on how to reach and satisfy more customers this holiday season and build lasting loyalty all year:

Enable on-demand, in-the-moment customer service: As much as possible integrate the in-store and online experience so shoppers can easily move between them. Insure they do not need to leave your purchasing venue(s) to get the item and price they want.

Store drives experience; digital delivers convenience: Despite the rapid growth in online purchasing the store experience still drives sales. Make the in-store experience as positive as possible. Poor customer service, hidden stock, long check-out lines hurt sales. Stay on top of crowd surges and determine heavy cashier times.

Focus your efforts on shopper needs: Armed with endless options and instant access, customers choose how, when, and where to shop based on their in-the-moment needs. Leaning into the native advantages of all of the brand’s channels will help retailers meet customers’ ever-increasing expectations.

Understand which parts of the shopping experience customers value most and anticipate what they need. Then,

• Simplify the customer experience by ensuring servicing options are easy to find and navigate across channels;
• Develop digital resources that enable customers, and associates, to find what they need and accomplish their tasks quickly; and
• Offer customers control over how to pay by enabling mobile and digital payment technologies, in addition to traditional options.

Maximize mobile’s micro-shopping moments: Customer behavior is shifting to focus on mobile as they look to make the most of their time. Mobile impacts nearly every aspect of a customer’s journey. Look at their behaviors across devices, online and offline, to understand how and when customers are using the technology. Ensure promotions can be redeemed via mobile app or a mobile-optimized website. Give them mobile access to accounts and rewards. Enable location-based technology to provide the right message to the right customer at the right time.

Make it easy to get the goods: Delivering the goods in a way that’s most convenient to the customer is a critical satisfaction point during the holiday season. A free, reasonably timed shipping option offering a variety of shipping and pick-up options that enable the customer to choose the method that best meets their needs. 

Use store pickup to sell added goods: Incentivize customers to pick up merchandise in-store to drive traffic and increase engagement. Maximize the BOPIS (buy online, pick up in store) opportunity with quick gift options, impulse merchandise displays, and appropriate staffing at pickup locations. 

Build loyalty that rewards at holiday and beyond: Holidays offer merchants the chance to add new repeat customers and enhance current relationships. Start with simple, straightforward loyalty program with meaningful rewards, like program-specific discounts, promotions, and offers, can deepen relationships during the critical holiday shopping season. Offer members surprise-and-delight moments throughout the season. Elevate the rewards-redemption moment to ensure members feel special and valued. Promote the program across all channels, including giving customers a view into all of their options as well as higher-level loyalty program tiers that offer bigger benefits for increased spend with the brand.

Inspire customers to find that perfect gift: Introduce holiday customers to products and help them find the perfect present. Create compelling, curated gift guides, including guides by interest, price point, theme, and other psychographic elements. Use promotional vehicles to tout special, company-unique offerings. Develop a social media strategy that enables customers to start, and even complete, their journey via their preferred platform. Explore how new technologies, like voice commerce, fit into the customer’s gift buying journey.

The time to start your holiday efforts is now. The results can last through the New Year.

Importance of and How to Create a Culture of Open Communication

Inspiring excellent employee performance and morale can reduce misunderstandings.

This must be done as increasingly the workforce is made-up of multiple generations, differing genders and backgrounds working in close proximity or long distances.

A critical path to managing in this new world is establishing open internal communications.

One obstacle is establishing the rules of communications.  Without them, something that may be clear to the communicator, may be totally taken a different way by the recipient.

Companies can face major setbacks when they don’t have standard processes and channels in place for employees to give and receive feedback.

Here are some ways to integrate clear communication and feedback into your company.

Around-the-Clock Clear Communication Channels.  Ask your direct reports how you are doing as a manager and what they like — and don’t like.  Also provide prompt feedback to your employees to reinforce their strengths, improve weaknesses, and resolve issues soonest.  Communicate in person or, if necessary, over the phone; avoid e-mail as messages can be misunderstood, misguided, or missed altogether.

Weekly One-on-One Meetings.  Set-up and keep a standing date with each direct report. These informal chats will allow concerns to be addressed without interrupting the rest of your week.

Monthly or Quarterly Staff Meetings.  This is a chance to share key information like management decisions and new initiatives with all employees.  Make the gatherings enjoyable by beginning with a relevant story or by recognizing an employee’s recent accomplishment.  Allow time for questions and provide answers.  By the end of each meeting, your team should be in-the-know and have their key concerns or questions addressed.

Annual Reviews.  These should be formal one-on-one sit-downs, with consistent standards measuring each employee’s performance.  Reassure staff members that the goal is positive outcomes, not negative reprimands.  This can be managed by having ongoing feedback, so everyone will know where they stand before annual reviews take place.

Anonymous Surveys.  Surveys make it possible to assess your firm’s culture and employees’ overall happiness as well as measure employee engagement.  Anonymity is key to employees feeling comfortable speaking their minds.  Then share the results and trends with the entire company, and be prepared to respond to employees’ feedback.

360-Degree Reviews.  You might consider for your senior employees and problem employees providing this type of input for awareness.  A licensed professional should conduct 360-degree reviews, discuss feedback, and offer positive advice for improvement and progression.

Post-Mortem Debriefs.  These are meetings focused on internal assessment of major projects or deals; discuss what was successful and what can be done better the next time around. These check-ins allow the firm to capture key learnings for the next big deal or project and to turn challenging issues into opportunities for improvement.  Remember to accentuate both the good along with the bad.

Informal Social Outings.  Whether it’s a trip to the local bowling alley or a barbeque picnic in your parking lot, get-togethers outside the office are a chance to loosen up.  Limit drinking to avoid miscommunications and other problems.

State-of-the-Company Communications.  While communication is better done in person, if your company is geographically dispersed a quarterly email to all staff members on the strategic direction of the organization and/or company values is a good to keep everyone in touch with the bigger picture beyond individual functions or teams.

Employee Exit Interviews.  People leaving is difficult, but critical information can be gained by asking departing employees about their experiences and reasons for departure.  Take employees’ comments seriously and consider well so that actions can be taken to help retain valuable employees and increase overall morale.

When a business is doing well, it is easy to overlook the need for open communication.  Some experts argue this is the best time to look at the communication function.  In difficult times, it is a critical examination area.

Open communication takes work but the effort can drive your company to new levels of productivity and employee happiness, while avoiding miscommunication.

PEOs Can Be Advantageous

In today’s world of regulations, administering employees has become an often onerous task.

More importantly, employee administration has become a legal trap for many smaller businesses.

Leaders like you of small- and medium-sized businesses have a vision, build and inspire a team, want to make money, and/or do something meaningful.

You want to run a business while insuring that your employees are paid, receive the best benefits and all employment regulations are met.

Just look at some of the key responsibilities of employee administration:  workers’ comp, 1099s, W-2s, payroll administration and related tax filings, disability insurance, PRO administration, etc.

They all take time away from focusing on other critical aspects that makes your business successful.

An outsource alternative exists: PEO (Professional Employer Organization).  PEOs provide services to between nearly 180,000 SMBs, with 2 to 200+ workers, employing an estimated 3.4 million people.

A PEO can help your business get the benefit cost savings and perks of a large company along with employment related compliance; plus streamline your payroll, HR and other back office functions.

Here are some of key advantages to PEOs:

Co-Employment:  PEOs can take on such responsibilities because of a practice called co-employment.

With this contract, a PEO will handle payroll administration, and related tax filings, plus provide HR support and access to benefits.

Your company will retain responsibility for daily operations and management of employees.

This sharing of responsibilities allows you to focus more on your employees and running your business.

 

Save Money:  PEOs have collective bargaining power; they are able to get better rates for benefits such as health insurance, retirement plans, workers’ compensation, commuting, gym memberships, and more.  Because the PEO is negotiating for a large pool of employees, they can get your small- or medium-size business access to better benefits at lower rates.

 

Free Up Time:  Small- or medium-size businesses take a lot of time to run.  It always seems there is more to do than hours in the day.  With a PEO handling the employment-related administrative work, you get multiple hours back every day or week to focus on other matters.

 

Be Compliant, Avoid Fines:  Each year more than 33% of small businesses get fined for making payroll mistakes.  PEOs are experts in employment-related compliance; they can help you with your payroll and filings, and in most cases file it for you.

 

PEOs offer many similar services, but they are not all the same.  Each PEO has different service providers, benefit packages and HR tools unique to their company.  Here are a few things you will want to look out for in a high-quality PEO that helps your business:

Access to Quality Benefits: health (medical, dental, vision, HSAs/FSAs), short- and long-term disability, life insurance, accidental death and dismemberment insurance, on-demand primary care services, commuter benefits, bike shares, gym memberships, among others.

Payroll Processing and Tax Filing:  automatic direct deposit payroll, pay vendors and contractors, and direct deposits; plus integrate with the existing software you are using.  In addition file tax documents such as W-2s, 1099s, 940s, and 941s on your behalf.  Provide compliance support: new hire reporting, Workers’ compensation, W-2 and 1099 filing, employment practices liability insurance, unemployment filings, ACA filings (1094-C and 1095-C), employer payroll filings (940 and (941), and statutory disability insurance.

Customer Service:  allow you to access customer support through a variety of means (telephone, Slack, chat, email, text).  Other services: HR Consulting to help you address complex HR questions; a Resources Center to see if you are up-to-date on the many labor and employment laws; and HRIS (human resources information services) Tools to manage paid time-off, onboard new employees, store important documents, access HR templates, etc.

In 2017, the IRS approved the first certified PEOs (CPEOs).  They are subject to ongoing bonding, audits, and IRS reporting, so you can be confident that the CPEO you select is being held to the highest operational standards.  That leaves you time to focus on other aspects to grow your business.

While adding to employee administration overhead (PEOs charge either a flat per-employee, per-period charge or as a percentage of total payroll), a PEO solution can be a path to greater success.

 

The Time For Robotics In Small Businesses Is Now

Smart small business leaders are already arming themselves with the knowledge and tools to make robotics work in even the smallest enterprise.

Today, smaller companies in the manufacturing, assembly and distribution areas are reaping savings possible through robotic applications.

In other sectors including hospitality, restaurants, service centers, etc. businesses are employing units for many repetitive interaction with the public and their clients.  Given time, these and many other sectors will see broader categories of robotic units customized for individual company needs.

Supplier entrepreneurs are taking their experiences with the internet to quickly make robotic applications that are easily customizable, which hastens the adoption rate. That appears to be the goal of more and more start-ups today.

Rather than seek to totally replace workers in all of their tasks, many of these far-seeing entrepreneurs believe adding a few robots at a time can make the small business workplace better for customers and employees.  In this scenario, everyone wins when even the smallest company embraces robotic enhancements to the workplace.

Here are a few main areas where robotics at today’s standards can help a small business:

1. Menial repetitive tasks can be off-loaded to robotic machines; reduced worker involvement in these tasks can contribute to higher profits.
2. Workplace safety (tasks that are hazardous) is often greater with robotic elements, according to recent studies; safer employees are often happier and more productive.
3. High tolerance, precision fitting are often done by robots with fewer errors; improving quality and output.

Additional benefits:

1. Displaced workers can be re-assigned to tasks critical to company success, such as customer service; rewards for higher valued work contribution, may mean more money in worker pockets.
2. Embracing innovations that prioritize your people will strengthen your company culture. Improved worker appreciation means higher workplace morale.

The time to begin looking at robotic help in your company is now.  If not, your competitor may beat you to it and benefit.

 

As Economy Grows, Small Business Leaders Face Needs For Financing, Technology, Trained Talent

With years of regulatory restraint seemingly behind them, small business owners are focusing on growth in 2018.

Surveys from diverse sources including the National Chamber of Commerce show small business owners believing that not only are they confident about their own prospect, business sectors, geographic region but also the national economy.

This confidence is reflected in small businesses hiring, investment in property, plant, and equipment as well as borrowings, say most recent surveys.

Small businesses appear to have started 2018 with a healthy sense of confidence, a sentiment reinforced by projections of 3% global economic growth for this year.

However, the optimism remains tempered by a few factors – among them, the perennial cash management, talent shortages, and the disruption caused by emerging technologies plus for some the continuation of geopolitical and social tensions.

While the new tax bill put additional dollars into small business coffers, there are as always many demands for each dollar including but not limited to upgrading assets such as technology, equipment, property, plus compensating workforce and growth cash outlays before payments.

Finding the dollars to finance investment in growth factors remains a major concern of small business leaders according to almost all surveys conducted this year and reported in the press.

To cope with worker and skill shortages down the road, survey results tell us that small businesses are fundamentally rethinking the composition of their future workforces.  In one survey, nearly 80% of small business owners and leaders foresee greater use of contingent non-traditional employees.  Moreover, three-quarters of them anticipate a rise in digital labor solutions such as robotic process automation.

A desire to have cultures that are inclusive, engaged, high-performance, customer-focused, and resilient is signaled throughout the responses to this year’s survey.

At the same time, the impact of the New Digital Economy is clearly being felt in the daily processes and practices of businesses, and through the emergence of new competitors; owners and leaders want to foster a culture of innovation that encourages cooperation across functions and business units and promotes risk taking in order to stay ahead or abreast of the marketplace.

Another concern of owners and leaders is creating new business models because of disruptive technologies.  For instance, less than half of owners and leaders (48%) see their firms as a technology leader in their industries.  Moreover, less than 10% of owners and leaders say they are extremely satisfied with their organization’s ability to innovate, and they continue to struggle with how to measure innovation.

The latest job numbers show three contrasting trends: more people working, salary growth slowing, and the need for better trained employees.  While the number of people working has increased, salaries have not moved upward as fast as economist predicted and small businesses report many applicants lack fundamental skills to succeed.

These are the challenges facing small business owners and leaders as they seek to participate in the economy’s growth.

The New Tax Bill Is Positive For SMBs

Experts are still dissecting the most extensive rewrite to the U.S. tax code in 30 years.

What is becoming clear is that on the whole small businesses will net a great many benefits from these new legal provisions.

Every small business should consult their accounting professional for individual guidance. However, there are five major issues that SMBs must stay on top of under the tax landscape.

1. Choose your company structure carefully.

This concern is based on whether there is a need to retain working capital and the distribution needs of the owners.  Along with these concerns is how the company will look to a potential buyer.

2. Smaller firms have different considerations than larger firms.

Smaller firms will benefit from passing cash through to owners while larger firms will see ways of shielding income and bringing back overseas monies.  In this case size matters so check with a tax professional.

3. Tax savings are an opportunity to grow your business.

As the bill intended, there are good reasons for SMBs to invest in growth.  So even the smallest firms should broaden plans to include longer time horizons.

4. Take advantage of estate tax exemptions.

For estate planning purposes the exemptions have doubled but have a sunset of 2026.  In this case, are you betting you will die before the exemptions expire?

5. Beware of unintended consequences of the legislation.

Congress limited interest expense to 30% of adjusted income, a difficult barrier for companies in hyper-expansion mode.  Perhaps as a swipe to new age or millennium companies, it also reduced to 50% the deduction for providing food to employees.  It phases out entirely in 2025.

Surveys have shown the changes are popular with SMBs.  In fact, the latest public soundings show Americans in general warming up to the new tax bill.

A Squeeze Page Can Build Your Lead Generation

An effective onboarding process is the beginning of the sales funnel that should end with more voluminous conversions in a shorter time-frame.

The sales funnel begins with generating leads.  While referral of a satisfied customer is always preferable, another way in through your squeeze page.

For those of you who have not yet heard this term, a squeeze page is basically a short landing page with one main purpose: to “squeeze” the email address out of the page visitor.  In other words, it’s a promotional page with the goal of lead generation (or “list-building”).

Smart businesses like to balance their online mixes and do both: direct-to-sale efforts (i.e. selling a product) along with list-building (i.e. lead generation) efforts.

But not all squeeze pages are created equal.

Some are very short and pithy, with a headline and call to action… more ideal for mobile phone viewing, which how the majority of people are now viewing pages.  While others have longer copy to convey the value proposition of why the prospects need to give their email addresses.  Your target audience, delivery platform, message, offer and other variables will determine which format you may want to test.

Here are some key elements in creating effective squeeze pages and getting leads for your business.

1. Gets Attention. It is important for a squeeze page to have a strong headline and an eye-catching masthead image.
2. The Free Offer. You need to show the reader the reason they need to sign up and give you their email address.  Tell them WHAT are they getting out of it?  Typically it is some kind of free bonus, such as a .pdf report, white paper, e-newsletter, which answers a question the prospect may have, solve a problem and teach them something they don’t know.  All of the bonus benefits and the value proposition need to be outlined in the body copy in a clear, easy-to-read format (usually bullets).
3. Why Listen to You? It is also important to briefly outline WHY the prospect should listen to you.  Introduce yourself and your credentials to the reader; explain why you are the expert, and it is important to hear what you have to say and give you their email address.
4. Visually Appealing. Use call-to-action buttons that are bright (i.e. red, orange, yellow) and other graphics that catch and keep the visitor’s attention all the way down the page.  Consider highlighting savings, providing a headshot of the expert, and other relevant graphic enhancements.
5. If you have testimonials that speak to your expertise, use one or two short, strong ones in quote boxes along with the endorser.
6. No Distractions. As mentioned earlier, squeeze pages have one simple goal: to collect an email address. Do not to have other clickable links on the page or navigation.  You want to keep the readers focused on only giving you their emails and clicking “submit.”
7. Contact Information. To add credibility, at the bottom of the squeeze page, add your physical mailing address of the business, an unclickable web address, and perhaps a pertinent affiliation and/or award to add prestige, authenticity and promotes visitor confidence.
8. Legal Disclaimer, if needed. In certain industries, such as health or financial publishing space, it is necessary to add the necessary disclaimers specific for that industry.  In general, you need to add “The information and material provided on this site are for educational purposes only.”
9. Anti-Spam Pledge. Under the email collection fields and above the call-to-action button, it’s a best practice to add some anti-spam verbiage to alleviate any concerns to the reader that the email may be sold or rented.
10. Ask Less. Get More. For each additional information field you ask the prospect to give, i.e. first name, email address, etc., you will get fewer responders. Think about your ultimate goal for the squeeze page when determining how much information you’re going to ask for.

The squeeze page is only the beginning.  A good, strategic list-building campaign will have many elements that all work together to get a prospect’s attention (the ad); get them to sign up (the squeeze page); help them bond with the ‘expert’ (free offer); become informed on the topic or offer related to your business; and, ultimately, get the prospect to convert to a buyer of a paid product.

This is called the onboarding process. And an effective onboarding process is the beginning of the sales funnel that should end with more voluminous conversions in a shorter time-frame than if you don’t have an onboarding process in place.

So evaluate your business.  See how many leads you are bringing in on a monthly basis, at how much per lead, and how quickly these leads are converting to buyers.

Then decide if squeeze pages and setting up an onboarding process are right for your business in 2018.