How to Boost Productivity and Target Your Marketing with NFC
This post is sponsored by Samsung Business. All thoughts and opinions are my own. We’ve seen computer and general digital connectivity evolve from the days when one serial cable connected one computer to one printer, to networking via Ethernet cables, to finally losing the cables altogether with Wi-Fi. At each of those evolutionary steps, it became easier for businesses to operate -New opportunities became available and productivity increased. As we look at where we are today with digital connectivity, near field communications (NFC) is changing things up in major ways for businesses and consumers. Although consumers have been carrying NFC technology around in their pockets about as long as they’ve been arming themselves with smartphones, most have been unaware of the technology. This is going to change dramatically over the next several months as merchants are being forced to start taking EMV (Europay, MasterCard, and Visa) chip cards. The October deadline This new generation of credit cards has a computer chip embedded into it that is NFC enabled. This facilitates the creation of a unique transaction code every time the card is used, which greatly heightens security. In fact, starting in October, the liability rules around credit card transactions change and businesses that haven’t updated their terminals may find themselves in a bad position if they’re hit with fraud. As consumers see new terminals rolling out at all their familiar places of doing business, they will realize that other electronic payment methods are accepted as well as the new EMV chip cards. Apple Pay, of course, is among these and on the Android side of the smart phone universe, various Samsung phones will be loaded with Samsung Pay. Samsung Pay has an interesting advantage because it incorporates technology that allows it to be used on the older “magnetic strip only” terminals as well as via the new NFC systems. We know that many business locations are well behind the curve in the process of updating to EMV terminals, so being magnetic-strip capable should prove handy for a lot of consumers. NFC in the places we go Payment technology is only one way NFC is changing the way we do business. Retailers are working with a variety of systems that communicate with consumer smart phones as they are browsing stores. This is usually categorized under the umbrella of beacon technology. Beacons in a retail setting will sense a smartphone nearby and enable marketing campaigns when the smartphone is running a certain app. The shopper can be alerted to an unannounced sale or be presented with additional information about a product. Event organizers are also making good use of this technology. They can communicate important information to attendees, such as directions or schedule updates, and then sell advertising to local restaurants, for example, that is beamed out at the end of the day. At South by Southwest in March 2015, Beacons were all the rage and used during events and networking opportunities. NFC technology also allows physical locations to map the various paths people use when they pass through their spaces. Retailers can see how well certain displays are performing and tweak aisles and displays to get shoppers where they want them to go. Beyond the traditional network NFC is clearly the next step in the evolution of the office environment....
read moreConstant Contact Presents: The Power of People — How to Grow and Market Your Small Business Through Relationships.
People can make – or break – your business. It’s a simple fact. You can’t build a successful and sustainable business single-handedly. But it’s not just about finding warm bodies – you need the right people in the right places who share your vision of success. Whether it’s your first hire, a professional advisor or a strategic partnership, the choices you make about the people who surround you can have meaningful and lasting impact on your business. Susan Solovic is THE Small Business Expert and, in this session, your personal mentor. Her proven strategies and lessons from the trenches are sure to help you succeed. Susan is an award-winning entrepreneur, New York Times, Wall Street Journal and USA Today bestselling author, media personality, keynote speaker and attorney. Behind every achievement, Susan embodies ideas that make her universally —and intimately— relatable to all entrepreneurs: hard work, fortitude, and persistence. Her Small Business Expert Academy educates hundreds of small businesses every week in how to build a solid brand promise and achieve outrageous success! Webinar Agenda: In this session, we will cover topics including: When – and who – to hire (hint – family and friends might love you but aren’t always the best candidate) How to keep employees engaged and loyal, and what that means about your employment ‘brand’ The importance of strategic partnerships Advisors and coaches and how to choose wisely And much more! Date: September 17, 2015 Time: 1 – 2:30 p.m. ET Where: Your Computer. Register now and invest in your small business success. ...
read moreAre Independent Contractors the Answer to Your Staffing Needs?
I get a lot of questions from my community about using independent contractors and/or freelancers instead of going through the hassle and expense of actually hiring employees. It’s tempting to categorize workers as independent contractors (ICs) rather than employees, because ICs are people considered to be in business for themselves. Therefore, your business is not required to pay state and federal payroll taxes or other employee benefits, which can add 20 to 30 percent to payroll costs. Instead, the IC is required to pay estimated taxes directly to the IRS four times per year. Sounds pretty good, doesn’t it? Well, it won’t seem like such a good idea if the IRS determines that the worker you’ve classified as an IC is actually an employee. Yes, they can do that, and if they do — get out your checkbook. Not only will you have to pay the back taxes, but you’ll also be hit with a penalty of 12 to 35 percent of the total tax bill. To avoid the heavy hand of the tax man, it’s important to understand the criteria used to judge the status of a worker. Different federal and state government agencies use a variety of tests to determine whether an actual independent contractor relationship exists. These agencies include: state taxing authorities, the U.S. Department of Labor, and state unemployment and workers’ compensation agencies. The most commonly recognized assessment is the IRS’s 20-factor test. Primarily, the classification hinges on the degree of control you exercise over the individual. Some of the IRS review criteria include: The individual’s ability to set his own hours and do the job in his own way. The individual’s ability to use her own methods as opposed to being required to undergo training from the purchaser of her services. The individual can earn a profit or suffer a loss from the activity. The individual is able to assign her own workers to do the job and is not required to do it personally. The individual is hired for one job and does not have a continuing relationship. The individual has more than one client at a time. The individual pays her own business and traveling expenses. The individual works off the employer’s premises and uses her own office, desk and equipment. The individual agrees to complete a specific job and is responsible for satisfactory completion, or she is obligated to make good for any failures. Sometimes a written IC agreement can establish the nature of the relationship with the individual you are hiring. The agreement should clearly spell out the scope of the work the individual will perform, when it will be performed, and how much he or she will be paid. However, an agreement alone won’t be enough to avoid an IC being reclassified as an employee. So before you take the easy way out, make sure you carefully review what your relationship will be with the individual you are going to hire. A few dollars saved today could be a costly mistake tomorrow. Note: The information in this article is provided for informational purposes only and should not be considered legal advice and not warranted or guaranteed. Keep in mind laws change over time and differ by jurisdictions so it is recommended you consult an attorney in your regarding business legal matters....
read moreToo Much of a Good Thing: Manage Your Small Business Apps
This post is sponsored by Samsung Business. All thoughts and opinions are my own. There is no doubt technology has leveled the playing field for small businesses. Not only has it made it less expensive to launch a business, it also helps you to be more productive and profitable. However, you know what they say about too much of a good thing! Well, too many applications could impede your business success. If you’re like many small business owners, you and your team have downloaded myriad apps onto your laptop and mobile devices because they seemed useful at one point in time. Of course, almost every day, there is another cool app introduced, and you just have to have it too. It’s known as “app creep” and before you know it, you’re overwhelmed. According to a report by Intermedia – Death by 1000 Cloud Apps — small businesses are being bogged down by an over-abundance of apps. As a result, you have too many choices, and too much to manage. Additionally, you have multiple log-ins which can create a security risk. Time Constraints and Choices With so many apps to choose from, it’s hard for small businesses to know which ones are the best fit for their business. As a result, choices are often made that actually create additional work because they don’t collaborate with other critical business applications. For example, a small business may find that the app they use for tracking time and expenses, doesn’t connect with their bookkeeping system. That simply creates additional work. To help you make the right choices, ask for referrals from other small businesses. You may also find it helpful to go to social review sites to see what others are saying. Then do your homework. Make sure the apps you choose all work together. And finally, consider the training and support available with each application choice. If you don’t know how to use the app correctly, it’s once again going to zap your productivity. Why Managing the Madness is Critical According to the math presented in the above mentioned report, if you have 15 people using an average of 5.5 apps each, that’s 82.5 accounts that will need to be managed day in and day out. Of course, as more apps get added and the business evolves, there are all kinds of data migration and integration issues that must be managed. Here’s some more math from the report: It takes an average of 20 seconds to login to an app; that means that a 75-person small business can rack up more than 570 wasted hours and $13,900 per year in lost productivity. You know the old saying, “The devil is in the details.” Small details add up over time and unfortunately because they are small they often go unnoticed. Advice: start noticing. Okay, I’m worn out just talking through these issues so here are a few ideas to help you take control. To begin to manage the madness, start by making a list of all the current apps your team and you already have. As mentioned above, do they all work together? Are there redundancies in the app utilities? Streamline your list to those apps that provide the most value to your business by making your operations more efficient. Security Risk In...
read moreA Franchise May be a Smart Startup Shortcut.
Starting a business from scratch is difficult. You have to figure everything out on your own and in the process you inevitability make mistakes. Some of them costly. Some of them just frustrating. Hopefully, none results in the loss of your business, but there is an inherent level of risk involved. Buying a franchise minimizes the risk of getting started in business. A franchise operation is in many respects a business in a box. It comes with a set of instructions so to speak, including customized training and on-going support. Whether it’s accounting and financing, advertising and public relations, personnel management, purchasing, or inventory control, the franchise organization is there to assist you and help you succeed. As a franchisee you are in business for yourself, but not by yourself. In return for this assistance, you’ll typically pay an initial fee and on-going royalties to the franchise organization. While there are many excellent franchise opportunities available today, you shouldn’t be lulled into a false sense of security. Just as with any business opportunity you need to do your homework and make sure you make a good personal choice as well as a smart financial decision. Entrepreneurial Spirit First, if you are an individual with a strong sense of entrepreneurism – in other words you like to do things your way – then a franchise may not be a good fit for you. In order to protect its brand and maintain consistency, the franchise organization expects its franchisees to do business their way. If you don’t follow their system, depending on the terms of your contract, you run the risk of losing your franchise. Secondly, make sure you investment in a solid franchise operation. If you are seriously considering the purchase of a franchise, the FTC (Federal Trade Commission) requires the franchise organization to give prospective purchasers of franchises the material information they need in order to weigh the risks and benefits of such an investment. The disclosure document contains 23 specific items of information about the offered franchise, its officers, and other franchisees.This is known as the Franchise Rule. Don’t be shy about asking questions of the franchisor. I also recommend you retain legal counsel to review the document with you. And by all means talk to existing franchisees. A good fit. In addition to the normal due diligence, make sure the franchise you are considering is a good fit for your particular area. Some types of franchises do well on the West Coast, but aren’t as successful in the north or east. Also, think about the nature of the product or service. Do you think it has long-term appeal or could it be a trend or a fad? You want to make sure your investment doesn’t fizzle out because something loses its popularity. Find out what is expected of you other than your financial commitment. For example, what type of experience is required? Some franchises don’t expect you to have any experience in the industry, but they may require you spend a considerable amount of time in training learning their system. Think of McDonald’s and its famous Hamburger University. Also, you need to know what kind of work hours and personal commitment will be expected of you to run the franchise successfully. One franchise organization I consulted with...
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