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Sunday, 1 April 2018

Finding Success With Workforce Staffing In The Minimum Wage Reality

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Professor Melodi Botha is an associate professor and researcher at the Department of Business Management in the Faculty of Economic and Management Sciences at the University of Pretoria. She is the Programme Lead for the MPhil degree in Entrepreneurship.

Her research focuses on training, educating and supporting entrepreneurs at different stages of preparing, starting and managing a business.

Why is it important for entrepreneurs to focus on personal development and education, even after they are no longer a start-up?

Research in South Africa has revealed that 80% of SMEs fail within the first two years of starting a business. So, if an entrepreneur makes it beyond this stage, it’s worth investing time, money and effort to make sure that they succeed by seeking entrepreneurial education, training and development to improve their business offerings.

New competitors are constantly entering the market and established entrepreneurs should make sure that they maintain their competitive advantage by educating themselves in areas such as the most current trends in their industries, changes in the market, offering more and better innovative products and services, staying close to their target market to determine the most effective marketing strategies and providing a stronger value proposition.

For established entrepreneurs, there is also the risk of growing too fast or not being able to manage their growth.

These entrepreneurs should then educate themselves on the most effective growth strategies suited for their business. Personal development is crucial, as entrepreneurs progress through the entrepreneurial process because they learn as they go.

An example is when established entrepreneurs conduct a personality profile to determine how to cognitively adapt to their current entrepreneurial environment. Weaknesses or areas of improvement, such as poor financial planning for example, are highlighted and entrepreneurs can then work on these areas.

What advice would you offer entrepreneurs who stop researching due to time restrictions?

Time is a problem for all entrepreneurs; there is never enough of it. It’s a matter of how effectively you use your time and how you plan the activities that should happen within a specific time period.

A big problem with entrepreneurs is also a lack of delegation, as they want to be involved in every area of the business. Entrepreneurs need to determine which activities can be delegated to an employee or partner and focus on the core skills that they are competent in and which help the business to grow.

What skills should entrepreneurs be developing while they are starting and then managing a business?

We recently conducted research on the skills that entrepreneurs need as they progress through the various stages of the entrepreneurial process. We identified two sets of skills, namely functional competencies and enterprising competencies.

The findings further revealed that established entrepreneurs viewed functional competencies such as marketing, financial, operational, legal, human resource, networking, technical, communcation and planning skills as important skills to have during the established stage.

Both start-up and established entrepreneurs viewed enterprising competencies such as creativity, innovation, role model interpretation, opportunity recognition, risk taking, need for achievement and the ability to gather and control resources as important during both stages.

More specifically, financial and legal skills should receive more attention when starting a business. In a similar study, we found that potential entrepreneurs should focus on opportunity recognition, opportunity assessment and creative problem solving during the potential entrepreneur stage.

At the same time, start-up entrepreneurs should focus on opportunity recognition, building networks and resilience, while established entrepreneurs should focus on risk management/mitigation, building and using networks as well as resilience.

Are there any tips and tricks you can offer to people who want to study, but still need the time to run their businesses?

Studying or learning should be a life-long journey that should not necessarly have an expiry date. I am talking about gaining life skills and developing entrepreneurial abilities through everyday learning. Most professional qualifications require continued professional education and I see no reason why entrepreneurs should not adopt the same approach.

Therefore, my first tip would be to plan to study. It should be part of a daily routine to study or learn more about an area where weaknesses arise. Many univeristies offer short courses such as three-day programmes in different speciality areas, which you can attend and not be away from your business for too long.

In early stages of formal tertiary education, my advice would be to focus on your studies first and thereafter focus on the business. This does not mean that you don’t have to start planning and aquiring resources while still studying. For example, our second year students, studying towards a BCom in Entrepreneurship, prepare their own feasiblity studies and compile business plans as part of the curricula.

What startling facts and figures has your research revealed that many entrepreneurs don’t realise?

In a recent study we determined that many potential entrepreneurs (students) show a strong entrepreneurial intention to start a business in future but rarely go over into action and the rate of actual start-ups, in South Africa, remains low.

This is also the case for entrepreneurship education graduates. However, prior entrepreneurial exposure, such as having entrepreneurial parents or entrepreneurial role models during the course of their studies, increased the start-up rate.

Another interesting study we conducted on women entrepreneurs revealed that women are in desperate need of entrepeneurial training and education. The Women Entrepreneurship Programme (WEP) at the Univeristy of Pretoria measured 180 women who completed the programme.

These women were measured on their skills level before the programme, directly after the programme, six months after the programme and ten years after the programme took place.

They were measured on eight different levels and the WEP proved to be effective in not only transferring entrepreneurial and business skills to women, but also improving their business performance indicators (turnover, employees, sales and profit). Some of the women (35%) started multiple businesses six months after they attended the WEP.

Ten years after the programme, the results of the study confirmed that these women’s businesses made a significant difference in their communities and the economy of South Africa as a whole.

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How to Qualify for a Business Startup Loan

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New businesses may find it difficult to qualify for traditional bank loans. But don't lose hope. You still have plenty of options.

March 31, 2018

5 min read

Opinions expressed by Entrepreneur contributors are their own.

Look at the top funding sources for startups launched in the United States. Some of the most common ways to get capital include personal savings, friends and family, venture capital and angel investors, according to data from Fundable, a crowdfunding platform.

While these are tried-and-true options to grow your young business, not every entrepreneur can go one of those routes. That means they must access funding through more traditional means.

The problem is startups often lack the business history and credit to land favorable term loans through banks. If you find yourself in such a situation, don’t panic. There are specific small-business startup loans that may suit your needs and goals.

Here are some noteworthy startup loan products, and the requirements you must fulfill to qualify:

1. Equipment financing.

Equipment financing is a loan that enables you to purchase new equipment for your business by using the equipment itself as collateral.

There are many advantages to equipment financing, including:

Interest fees and other financing costs can often be deducted from your taxes, according to Section 179 of the IRS Code. You can use the depreciation of the equipment as a tax deduction as well.
You don’t have to wait to find extra money. This means you can get the latest equipment, from computers to industrial stoves to heavy machinery, and start using them to grow your business now, putting the revenue generated by the equipment toward paying off your loan.
Since you use the equipment itself as collateral, lenders are more willing to provide financing to new businesses. There is less documentation needed in comparison to term loans.

Now, qualification for equipment financing generally requires a credit score over 600, $100,000 in annual revenue and 11 or more months in business. If you’re just starting out, you’ll likely need a higher credit score for approval from most lenders -- usually at least 680.

2. Business credit cards.

Like a personal credit card, a business credit card provides access to revolving credit. This is when the lender provides you with a maximum credit limit. With the credit card, you make purchases, which lowers that available credit limit. When you make a payment, the credit limit goes back up. This provides you continual access to capital.

In addition to giving you steady access to funds, there are many other advantages of using a business credit card, such as:

The ability to build business credit. Make your payments on time, and keep the balance as low as possible. Your business credit will improve, and you may be able to qualify for more favorable financing products over time.
Separation of personal and business finances. This allows you to more effectively manage your company’s budget, as well as avoid confusion with Uncle Sam come tax season.
More efficient handling of finances. Most business credit card companies offer customers powerful financial tools to track spending, taking out a lot of manual work involved in bookkeeping. You can even control how employees spend company cash.
Valuable rewards. First, many business credit cards have lucrative sign-up bonuses. On top of that, continued spending with the card yields you even more benefits, from cash back to free plane tickets to discounts on merchandise for your company.
The ability to save money. Some cards offer 0 percent introductory APRs for as long as 12 months or more. That gives you the option to fund early business operations, without incurring any financing charges, as long as you pay back in full at end of period.

Requirements for business credit cards vary with each product and company. The best rewards, sign-up bonuses and introductory APR offers, of course, go to those with a high credit score. The good news is other solid cards do exist if your personal credit score is lower, including those that offer cash back and promotional APRs.

If you’re still unable to qualify, try a secured credit card, which requires you to put down a cash security deposit for your line of credit -- typically around 90 percent, or even all -- of your total available credit.

3. Credit line builder.

Building business credit is crucial for most startups. This leads to better financing options down the line.

Enter a credit line builder, an untraditional form of funding where you work with a financing company and apply for multiple business credit cards at once. The benefit is that you can save time on the applications and get approval for a set of business credit cards, which gives you a higher limit.

Additionally, a credit line builder is a powerful tool to get your business credit looking great. But to qualify, you must have great personal credit. Typically, you need a credit score of 700 or higher.

Getting your startup off the ground with startup loans.

Use these startup loans wisely and you’ll see your business credit improve with time. That may open up better financing opportunities, like SBA loans, which are known for their high amounts and low rates.

From secured business credit cards, if you have bad credit, to equipment financing and credit line builders, there are small-business startup loans out there for you. Explore your options, crunch the numbers, and choose the product that can get your company on the right path.

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You Built Great Culture, Now How Do You Leverage It for Great Work?

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Let your evolving corporate culture lead to greatness.

March 31, 2018

6 min read

A Note From The Editor

Think your company has what it takes to make our Top Company Cultures list? Apply now.

Apply now »

Opinions expressed by Entrepreneur contributors are their own.

In early 2017, Automattic announced it was shedding a much-hyped skin layer; namely, its gorgeous 15,000-square-foot San Francisco office. The issue behind the “for sale” decision? Only a handful of people used the space, according to the corporation’s leader, Matt Mullenweg.

Though the end days of its West Coast facility might have sounded dire, the decision made perfect sense in terms of the evolution of Automattic’s fundamental working principles. All employees can work remotely; not surprisingly, most took advantage of this option, even when a viable brick-and-mortar location was available. Automattic’s culture took on a life of its own, necessitating the need for Mullenweg and other executives to shutter a veritable ghost town.

Its tale proves the point that culture is a living idea influenced by the powers that be, but more so by employee behavior and understanding. Ideally, any corporate culture’s evolution will flow in a direction of what’s important to people, letting what’s unimportant fall by the wayside. In a unified community, employees know what “good” looks like thanks to organizational directives, and they move toward those goals.

Automattic made a wise choice in jettisoning its flagship site, showing vision and prescience. Not every company is quite as reflective or proactive with its culture leanings. That’s why unicorns are rare (and why people love to tether themselves to one business over another).

Learn worst-case culture principles to achieve great results.

We no longer live in the Industrial Age, but you might not know it from the looks of many companies that cling to the notion that culture, like widgets, can be manufactured. Instead of nourishing culture and investing energy and time into it, too many leaders check off “create culture” as a one-time list item.

In the knowledge era, such actions are anathema to true cultural progress. The current business environment is rife with complex projects that require human interaction; otherwise, those projects will never lead to successful completion. Put simply, the human aspect of business is everything, and culture is the sea on which an organization either sails to faraway destinations or perishes beneath the swells.

What’s the natural upside to staying afloat in a competitive marketplace thanks to a breathing, nurtured culture treated with respect? First, it’s securing top talent. We’re living with an unprecedented 4.1 percent unemployment, and stars know it. Companies with stellar cultures attract workers who pour themselves into their work and provide higher output. Unlike their so-so counterparts, power players may willingly stick around for more than the average of four years if they find rich soil.

Another advantage to creating sticky cultures is an all-around healthier workforce. Work-life balance has blossomed into more than a trite mantra; now, it’s an attractive selling point for people who want to feel valued, not just for their results, but also for their uniqueness. From that point, healthy people and teams unify, drawing like-minded performers into the mix. Prospective clients feel the difference, too, choosing to work at organizations with palpable, positive atmospheres.

It’s an avalanche of good stuff, but it’s not an automatic process. In other words, roll up your sleeves if you want to make culture work for you. If you’ve fallen into the trap of creating a culture for its own sake but not leveraging its power, reassess your journey now. Starting immediately, put several steps in motion to solidify your corporate culture, define it and make it part of your company’s individuality:

1. Define or redefine your values statement.

What’s important to your organization? Is it a single thing? A running list of 20 characteristics? Draft your thoughts onto paper or in a document so you have a platform for everyone to align around. For instance, are you a people-caring culture? A performance-driven culture? A mixture of both?

During this step, be honest with yourself and your workers. Those who rally behind the company values will feel engaged because they’ll know the true direction behind their workplace. You want that response: Team member engagement has been shown to directly correlate to a two-and-a-half time revenue increase, according to Hay Group.

2. Put your values into context.

Once in written form, your values can only be effective if they are interpreted correctly. Spend time defining your values in context so employees understand their meaning. Doing so will help you keep your top players from burning out or becoming disgruntled, which can cause you to lose amazing personnel.

Case in point: Suppose one of your values is to “act with urgency.” An employee may read this as an incentive to work quickly, even if the work is sloppy. However, you intended “act with urgency” to be a universal call to fix things that seem out of alignment, such as picking up a messy workspace before a client is visiting. Exploring real-world examples of the meaning behind each value avoids missteps.

3. Give your values a socialization kick.

What are values if they’re locked away in a vault? Do more than bring them out once a year: Look for opportunities to visit them regularly. Socializing values is an overlooked piece of culture guidance, yet it’s a way to ensure they stick.

Employees can’t become champions of values unless those values are tied into everything the company does. Ritualize, celebrate and embrace them. Automattic took steps to ensure its values were well understood by making it clear that its team of remote employees should always go into videoconferencing when tensions arose to smooth misunderstandings that could come from misinterpreted written correspondence. Do likewise and expand the power of your values.

4. Care for your people.

Serving end customers is essential, but it shouldn’t outweigh caring for your internal customers: employees. Rather than stirring an “us versus them” mentality between departments and positions, promote a people-first culture. Give workers a voice so they feel comfortable being transparent with peers about pain points instead of locking themselves in silos.

NeoMam didn’t take caring for people seriously at first. Fortunately, its leaders recognized it had spawned a toxic culture and completely reversed course. Now the company not only puts its employees’ needs first, but it also talks about the process freely on its website as both a showcase of its core values and a morality lesson for fellow startups.

Whether your culture is rocky or fertile, you can’t produce an enviable harvest without a little old-fashioned elbow grease. Keep a pulse on the direction of your culture so you can pivot, like Automattic did, or even start anew, à la NeoMam. You never know what you really have until you dig beneath the surface.

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No One Is Safe From the Data Breach Epidemic (Infographic)

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In today's digitally connected world, there's a good chance your information has been exposed at some point.

March 31, 2018

1 min read

Opinions expressed by Entrepreneur contributors are their own.

From Equifax to Yahoo, hacks and data breaches are becoming a recurring part of our lives.

According to research from Truthfinder and Experian, there have been more than 8,600 data breaches between 2005 and 2018, which have resulted in more than a billion personal records exposed. A majority of these records are from hacks on businesses. The first data breach that exposed more than a million records, including people’s names and credit card numbers, was on the shoe company DSW in March of 2005. Since then, these attacks have become more and more common.

If you think your information is secure, think again. You’ve likely been exposed in a number of incidents. Just take a look at last year’s Equifax breach, where the information of more than 145.5 million people was exposed, including credit card numbers and social security numbers. In 2015, the health insurance company Anthem Blue Cross was hacked and 78.8 million records were exposed.

To learn more about the data breach epidemic, check out the infographic below.

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Alternative Finance – Filling The Gap

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Alternative Finance is finance beyond the traditional – it is defined by the financiers’ area of specialisation – by what they specialise in, whom they serve, and how they provide their funding.

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How to Increase Your Employees' Satisfaction Without Giving Them a Raise

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It's not just about the money.

March 30, 2018

5 min read

A Note From The Editor

Think your company has what it takes to make our Top Company Cultures list? Apply now.

Apply now »

Opinions expressed by Entrepreneur contributors are their own.

It's a common misconception that money is the main driver of employee satisfaction. It is, after all, a fairly reliable measure of how much a company values its employees. Naturally, employers would think that a pay raise is the best way to boost employee productivity. They're often confused when that turns out not to be true and surprised to learn that the secret to improving productivity isn't more money at all.

The fact is that a productive business takes more than well-paid employees; it takes happy employees. For those surveyed in a 2014 TINYpulse poll, responders said that peers -- not money -- are the number one influence on workplace satisfaction and the drive to go the extra mile. Therefore, employers should look beyond salaries and seriously evaluate their company culture and leadership styles to focus more on their employees' true satisfaction.

With these five tips, employers can take a significant step toward changing their company culture for the better.

1. Create opportunities for connection.

Personally interacting with your employees in the workplace is perhaps the most important factor in good leadership. Attend brainstorming sessions, go out to lunch with team members and maintain an open-door policy so employees can drop in to say hello or tell you if they need anything.

This cultivates an atmosphere of collegiality throughout the office and clears the way for you to help employees in their personal lives when appropriate. Zeynep Ilgaz, president of Confirm Biosciences, says putting people over profit is one of the core values of her company. "The more [employees] grow their own unique personal capabilities," she says, "the more they can bring to the professional table."

2. Build a trusting feedback mechanism.

Feedback is a great way to communicate about the company or team issues that need improvement. 65 percent of employees said in an Officevibe survey that they want more of it. However, many managers don't provide enough guidance or only offer vague, negative comments that are more insulting than constructive.

Nagging employees about their faults isn't productive for your business or helpful for fostering relationships between you and your team members. Yet it's equally counterproductive to waste an employee's time and the company's resources by allowing the employee to continue making the same mistakes without proper feedback.

3. Don't micromanage.

Micromanaging is one of the more common and least effective ways of managing employees. While you don't want to leave your employees without needed direction, no one likes being constantly told what to do or having his or her every move critically analyzed and judged. Instead of micromanaging your team's work, facilitate it by providing necessary resources and being a resource.

All mistakes provide an opportunity for growth and improvement, but only if the lesson is learned. Such lessons get lost in frustration when employees feel micromanaged. If you have experts on your team, then it's even more important to stay out of their way and allow them to make the decisions they need to make.

4. Encourage office friendships.

Not everyone makes friends easily, so it's often up to managers and team leaders to create an environment in which office friendships can flourish. To build stronger personal and business relationships, try to learn at least one important personal thing about each of your employees, especially what motivates them.

Knowing more about someone creates a more transparent relationship, which fosters trust. You can grow that trust by helping employees make connections with each other through off-site team-building activities. Hold a group dinner that will allow everyone to socialize, or organize an outing to a trampoline park like Rockin' Jump, an escape room like those at Room Escape Adventures or a grown-up arcade like Dave & Buster's. Better yet, have employees vote on an activity to do together every month.

5. Give credit away.

Being a good leader often means doing things that seem counterintuitive but are necessary for the good of the team. Giving away the credit for positive results is one of those things.

On one hand, helping others succeed helps you succeed, and the company as a whole prospers. On the other hand, that level of selflessness can be difficult to muster! Yet it encourages the initiative taking that is vital for innovation. Giving others credit is a cornerstone of good leadership, and the satisfaction that employees gain from working with such a selfless leader will drive them to be more productive than ever.

As that TINYpulse study shows, the saying "Money can't buy happiness" holds true for today's workforce. Competitive wages are important for employees to live comfortably. But to feel truly satisfied with what they do and whom they work for, they also need to know their employers and coworkers care about each other.

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Ecommerce Hosting for Beginners

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Online shopping has changed dramatically in recent years because of how easy it is to set up an online store. You’ve heard of regular hosting, but some companies are profiting by offering Ecommerce hosting, which is a complete commerce solution. In 2007, I had set up my own electronics store and this type of hosting made it very easy for me to get things up and running. However, I was searching online and noticed how many other solutions have popped up over the years. They all offer something unique and are worth checking out if you are looking to set up an online store. I’ve tried some of the best over the years because many of my clients are involved in ecommerce so I would like to go over some of the popular options.

Let’s get started and your opinion will be appreciated if you have tried something different than the ones mentioned here.

Volusion.com

I have personal experience using this ecommerce solution because I built my store using their platform. It is very easy to use and the pricing is decent. You can start with a FREE plan and start building your store even if you don’t have a domain registered. Why? It’s very easy to change the DNS settings later on without losing all of the work you put into designing your store. They have great options and allow for easy upload of products through .CSV. However, templates options are very slim and to buy a customized theme can be very costly, anywhere from $399.00 to $699.00.

If you have coding experience, then I would recommend playing around with the.CSS files, but other than that, you can’t change any other code around.

Shoptify.com

Another great ecommerce provider and offers you a wide range of features. When I was using Volusion.com in 2007, Shoptify.com was just starting out and didn’t offer cool features. However, over the years, they have learned from their competitors and now provide an all-in-one ecommerce solution. The pricing is very decent and they offer great templates for FREE. You have more depth access to the files so you can make tweaks to the code. The foundation code is a secret, but with the access they provide, you do have flexibility. Here are some other cool things:

Easily add bulk products through .CSV

Incorporate a gift card and points system to your store

Optimize images

Build the change DNS to activate domain

Offers SSL for an additional price

BigCommerce.com

A great user interface and you can build a store within minutes. They have several different themes and allow you to incorporate a payment system easily. However, this feature is also available on the other ecommerce hosting providers, but the interface in BigCommerce.com is more streamlined. For $29.95/mo, you can upload unlimited products and have unlimited storage, which is awesome because this was NOT around when I had my online store. You even have the option of offering the following:

Promotions and coupons to your clients

Free or discounted shipping options

Custom pricing tables

Cool default and FREE templates no matter what your plan

Abandon cart saver

All of the above Ecommerce hosting providers offer an all-in-one solution, however, some have a better backend and user interface than others. Because they do offer a FREE trial when you sign-up, I encourage all of you to try each of them until you find one you are comfortable with. Play with the different features and look for the elements you need for your store. After,

You can purchase a domain and switch the DNS settings to activate your store on your domain without losing any data. Get started now by visiting each of these ecommerce hosting providers.

Click Here To Download John Chow’s New eBook, The Ultimate Online Profit Model!

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How Travelit Makes Travelling Affordable For Small Businesses

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Her research focuses on training, educating and supporting entrepreneurs at different stages of preparing, starting and managing a business.

Why is it important for entrepreneurs to focus on personal development and education, even after they are no longer a start-up?

For established entrepreneurs, there is also the risk of growing too fast or not being able to manage their growth.

What advice would you offer entrepreneurs who stop researching due to time restrictions?

What skills should entrepreneurs be developing while they are starting and then managing a business?

The findings further revealed that established entrepreneurs viewed functional competencies such as marketing, financial, operational, legal, human resource, networking, technical, communcation and planning skills as important skills to have during the established stage.

Are there any tips and tricks you can offer to people who want to study, but still need the time to run their businesses?

What startling facts and figures has your research revealed that many entrepreneurs don’t realise?

These women were measured on their skills level before the programme, directly after the programme, six months after the programme and ten years after the programme took place.

Ten years after the programme, the results of the study confirmed that these women’s businesses made a significant difference in their communities and the economy of South Africa as a whole.

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3 Crucial Metrics to Measure When You Advertise In 2018

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The new opportunities in the digital marketing space are reserved for the nimblest entrants.

March 30, 2018

6 min read

Opinions expressed by Entrepreneur contributors are their own.

As leader of a business that relies on generating leads and sales online, your role is to understand the dynamics of the digital space, to generate the maximum possible ROI for your advertising efforts.

In 2018, marketing trends like the increased dominance of video ads, social media lead-generation and interactive content are playing a major role for online businesses like yours.

Similarly, the dynamism of the search algorithm and conversion-rate optimization are impacting how customers find and interact with your brand.

With these factors in mind, you'll see new opportunities created for the nimblest entrants into the digital marketing space. In the legal space, those ahead of the curve and willing to leverage new trends will also have a natural advantage.

How can an online business survive the trend?

Think about it: There are a lot of businesses online striving for relevance and dominance. Each one of them wants to capture the interests of a growing online audience, making the overall ad environment more and more competitive.

Globally, we now have more than a billion websites and blogs. In fact, this Statista report shows that we have about 400 million blogs on Tumblr alone.

So, how do you keep your brand on top of the game, making it the choice of visitors who’ll not only visit but also come back for more? Here are the strategies to try:

Explore remarketing.

One remarkable way to benefit from the growing interest in online commerce is through online remarketing. The premise is simple: Past visitors to your website will continue seeing your ads repeatedly on the web, on social media platforms and elsewhere. Not only that but remarketing improves your conversion rates and ROI. According to marketing expert Jeffrey Lant, “You have to contact the prospect a minimum of seven times within an 18-month period.”

Similarly, remarketing increases ad relevancy and lowers your cost per click (CPC) budget. And that leads to click-through and conversion rates that are higher than those from a typical ad. This is why major ad platforms offer remarketing pretty much across the board.

Foster customer online reviews.

Another way to survive in the increasingly ompetitive digital space is through the use of reviews for your online business.

Search Engine Land reported that 88 percent of online consumers surveyed said they trusted online reviews as much as personal recommendations. Online reviews, then, are the new social proof, helping increase sales, online significance and conversions.

Similarly, reviews help businesses better understand their customers, which presents additional marketing opportunities. Here at Diamond and Diamond, we actively encourage clients to leave reviews on Yelp, Yellow Pages and other unbiased review sites. This helps potential customers decide, within minutes, whether to consult the company or look elsewhere.

And, now, those 3 important metrics for measuring 2018 ad ROI

Digital marketing takes on a different dimension compared to traditional ad mediums like radio, television and newspapers. And here, the advent of digital marketing gives you an advantage, because it allows for greater insights and reach than what you've probably seen in traditional marketing models.

Here are those three important metrics you should be measuring in 2018.

1. Measure CPM for lead-generation campaigns. CPM, or "cost per 1,000 impressions," is an important advertising metric you should be measuring in order to track your online business’s ROI. According to Facebook, this metric is commonly used in the online advertising industry to gauge the cost-effectiveness of an ad campaign. In most cases, it’s used to compare performance among a company's different ad publishers and campaigns.

To measure CPM, you’ll need to divide the impressions gained from a campaign by the total amount spent, then multiply the result by 1,000. Depending on your campaign goals, such as brand awareness vs. lead generation, the raw CPM will differ.

For businesses looking to expand their brand and overall online awareness, lowering their overall CPM will help them scale up overall reach.

2. Measure the aquisition costs of your brand awareness campaigns. Another metric that can be used to understand and measure a business’s ROI is acquisition costs, which should be compared against revenue generation.

By implementing conversion tracking, you can track the cost of each consumer touchpoint, including: new user signups, phone calls, customer inquiries and ecommerce sales. By assigning a value to each, and understanding the revenue implications, you can scale those areas of your marketing campaign that are maximizing your targeted objectives.

3. Measure your traffic and engagement costs. Depending on your ultimate business goals, which could entail selling a product or signing on a new client, it’s important to understand how much you’re paying to drive a user to, or interact with, your brand.

With the numbers that result, you can measure the impact of your spending on your ads, and also determine the areas you need to focus more on. Measuring your website traffic is an important step in this regard.

Tools such as Alexa can help you measure the number of visitors to your website. They can help you determine how those visitors discovered your site and the specific actions they took before and after their visit.

Similarly, your cost per click (CPC) and click-through rate (CTR) can greatly help in measuring how much you spend online, too.

With CPC ads, you’ll be able to know the exact amount you pay for each click in your advertising campaign. While many businesses focus on CPC, understanding this number in the context of overall conversions or acquisitions is an advantage.

Also, the CTR helps you to measure the number of clicks you’ll receive on your ads per number of impressions. A low CTR may require additional tweaking to your advertising creative.

With these, you can gauge how well your keywords and ads are performing.

A final note

As a business, one of the most important activities you can pursue is the measurement of your ROI. With it, you’ll know what areas require more spending for your ad dollars and have a competitive advantage over your competition.

Similarly, you’ll be able to measure how clients engage with your business and use that information to implement new marketing and operational strategies.

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Silver Linings For Smaller Businesses In Budget 2018

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Her research focuses on training, educating and supporting entrepreneurs at different stages of preparing, starting and managing a business.

Why is it important for entrepreneurs to focus on personal development and education, even after they are no longer a start-up?

For established entrepreneurs, there is also the risk of growing too fast or not being able to manage their growth.

What advice would you offer entrepreneurs who stop researching due to time restrictions?

What skills should entrepreneurs be developing while they are starting and then managing a business?

The findings further revealed that established entrepreneurs viewed functional competencies such as marketing, financial, operational, legal, human resource, networking, technical, communcation and planning skills as important skills to have during the established stage.

Are there any tips and tricks you can offer to people who want to study, but still need the time to run their businesses?

What startling facts and figures has your research revealed that many entrepreneurs don’t realise?

These women were measured on their skills level before the programme, directly after the programme, six months after the programme and ten years after the programme took place.

Ten years after the programme, the results of the study confirmed that these women’s businesses made a significant difference in their communities and the economy of South Africa as a whole.

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5 Launch Lessons From Khloe Kardashian's #GoodMama Fashion Line

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The Kardashians have created an empire, and Khloe's new campaign is just one example of why.

March 30, 2018

4 min read

Opinions expressed by Entrepreneur contributors are their own.

The world has been buzzing ever since Khloe Kardashian announced her pregnancy in late 2017. Khloe, who has been very open about her desire to have a family and the challenges she's had with conceiving, made the announcement on Instagram with a heartfelt post. Fans responded with genuine love and excitement for the mama-to-be and her beau.

And while some mamas-to-be turn down the notch on work to focus on the pregnancy, Khloe has instead ramped it up. Would you expect anything less from a member of the Kardashian empire?

In January, a few short weeks after her announcement post, Khloe shared that her clothing line -- Good American -- will be launching a maternity collection. Similar to the pregnancy announcement, the launch announcement was also shared on Instagram with the hashtag #GoodMama, this time with a sultry image of Khloe in lingerie.

Then, a week before the launch, Khloe dropped another Instagram image with the caption, "@goodamerican #GoodMama Launches Thursday 3.15.2018."

The timing couldn't be any more perfect, as spring is a big time for retailers to make some big bucks. According to the U.S. Census, retail sales hit a record of $5.7 trillion during the spring of 2017. The launch of a new collection is the perfect way to entice consumers to shop at your store.

If you are a product-based business owner, you can learn a lot from Khloe's launch process. Here are five tips for your next product launch that could help with huge sales.

1. Create a financial plan.

A product launch requires a substantial financial investment. Miscalculating inventory levels or expenses could lead to huge cash-flow problems, so be sure that you take time to create a financial plan. Your plan should include clear sales goals and a comprehensive list of expenses including inventory, marketing and operation-related costs.

2. Plan out your marketing strategy.

Will you be utilizing blog posts or Instagram stories to promote your products? Will you host pop-up events? In today's market, social media has to be a part of your strategy. To avoid getting overwhelmed, choose one platform to focus on and own it. Bri Foster, head of Social Experience for thredUp, recommends using a tool such as Planoly to curate content ahead of time.

3. Set up your accounting system.

Tracking sales is just as important as making sales. Be sure that you have your accounting system set up correctly to track sales, sales tax payments and inventory levels.

4. Generate media coverage and buzz by collaborating with local bloggers and pitching news outlets.

Leslie Wong, the founder of Burgundy Fox, suggests that when pitching brands, "focus on your story more than the product, but be clear about what you're launching. Don't be shy about making a clear call to action. Ask them to share the news and offer suggested text, links and graphics. They might not share, but don't take it personally. When they do share, be sure to thank them and don't stop sharing. You never know who is watching."

5. Reflect on wins and improvement opportunities for the next launch.

This is where many businesses miss a golden opportunity to grow their business. After your launch, reflect on what went well and review your metrics. This information is invaluable and will help you make wiser decisions for the next launch. One metric you want to be sure to review is your marketing return on investment (ROI).

Kendra James, owner of the Finance Femme, says, "Marketing ROI, is where you calculate the return of the marketing dollars spent on your campaign. This not only helps you understand the success of your current campaign, but you can also compare it to past (and future) campaigns to see what marketing efforts work best for your business.

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4 Steps to Getting More Referrals From Everyone You Meet

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Network better with these four tips.

March 30, 2018

6 min read

Opinions expressed by Entrepreneur contributors are their own.

Ask any entrepreneur about referrals and most will tell you that they are the lifeblood of any business.

And the reason is simple: When you have referrals on a consistent basis, client acquisition is easy.

When you don't ...well, let's just say that generating a steady stream of business becomes much harder.

Which is why I like this four-step approach toward getting more referrals: It's simple and straightforward and can easily fit into your day-to-day networking activities.

In other words, these four steps assume that you met the person through a business networking event, and I'll walk you through how to turn those contacts into potential referral partners!

1. Create a visible identity

In our book Networking Like a Pro, Dr. Ivan Misner and I talk about the idea of a visible identity, which simply says, "How can you differentiate yourself, in the mind of the other person, from everyone else they already met?"

And while that might sound hard, the answer is pretty easy: Get them talking about themselves!

In other words, how many times have you gone to an event and had people just talking about themselves, their business and all the things they can do for you?

For me, a ton.

And speaking for myself, when others do that, it makes them appear self-centered, selfish and not someone I wanted to "talk" to again. So to avoid falling into that trap ourselves, we recommend you ask good questions and let the other person lead the discussion.

Why?

Because by keeping the conversation about them, they'll be less inclined to feel like you're being selfish and in most cases feel like you're a great networker! Which is obviously a great start for standing out from the crowd.

Here are some of my favorite questions:

Where else do you normally network?
What do you like best about what you do?
What got you started in this direction?

2. Provide a next step for future contact

This is a big one because meeting someone at the networking event is simply the first step toward receiving potential referrals from this person.

Meaning, a next step for future contact needs to happen.

No problem. Just make sure to set that expectation at the end of the conversation. Here's how:

Well, Jim, it was really great talking to you ... sounds like you have a lot going on. As a matter of fact, what about getting some coffee or something down the road ... spend some more time learning about each other's business and how we might be able to help each other out.

I don't know if that would be something you'd be open to putting on the calendar within the next couple of weeks?

No big, long song and dance, just straightforward and to the point.

Once they agree, all you do is send out a quick text/email within the next 48 hrs and you're on the move toward developing a referral relationship.

3. Follow up!

Now it's time to follow up with that person we just met.

No problem! Here's how I do it:

Subject: Nice to Meet You -- Chamber Event (Date)

Jim --

My name is Jane Smith and I'm the [Coach] who met you the other day at the Chamber event. Hey listen, I just wanted to say I really enjoyed our conversation and was hoping I could learn a little bit more about what you do.

I'm thinking we can get together for a quick cup of coffee, that way if I run into someone who could use your services, I could point them in your direction.

I'm pretty booked this week, but how does next Tuesday morning sound for something over at Starbucks?

Again, great talking to you and if I can help out your business in any way, please let me know.

Now if you've properly executed Steps #1 and #2, this message should work 40 to 50 percent of the time. Simply copy and paste to each person you met (individually, no mass messages) and wait for the responses to roll in!

4. Engage in a solid "coffee connection" with this person

What's a coffee connection, you ask?

Simply a one-on-one discussion that gives you the opportunity to get to know the other person better, and potentially establish a referral relationship where they pass you business and you do the same.

Without the coffee connection, you don't deepen the relationship and potentially get referrals.

Without the networking, you don't get the coffee connection.

It's as simple as that.

So how do these connections work once you're physically sitting down? Here are some general guidelines:

The meeting usually lasts about an hour.
The first half will be them talking and you seeing who you know who might be a good referral for them.
The second half is the opposite.
Throughout the meeting you want to be simultaneously listening and adding value.
(No sales pitch ...just good solid advice. Think of it almost like they hired you to be their coach in your field of expertise.)
Consider asking questions like these:
- How do you go about getting new business?
- Who is your ideal client/customer?
- Besides networking, where else do you find clients?
When it's your turn to talk, be 100 percent ready to tell them what a good referral is for you.

Now it's this last point that I want to talk about real quick, because this is where people can fall off the wagon. In order to know what a good referral is, you need to know three things:

Your ideal client
The problem you help them solve
Why people have worked with you specifically to help solve that problem

So definitely make sure you spend some time figuring that out. But once you've got that nailed down, you will be on your way toward getting more referrals from everyone you meet!

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An Evolving Business: How Consol Glass Is Going Global

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Seventy-four years ago Consol was just manufacturing glass in a single plant. Today it has firmly established itself in three other African territories and continues to spread the word: The best things come in glass.

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Do Your Clients Trust Your Team? 3 Ways to Ensure They Do.

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Employees who are treated well will treat customers and clients well, too. That's just good management 101.

March 30, 2018

5 min read

A Note From The Editor

Think your company has what it takes to make our Top Company Cultures list? Apply now.

Apply now »

Opinions expressed by Entrepreneur contributors are their own.

It’s 2018, so the importance of company culture should come as no shock. But treating employees well doesn't just build a healthy, functioning company: It creates a culture of superior service for customers.

Look at Richard Branson as a role model. He operates Virgin Airlines with the motto "Look after your staff, and the rest will follow." Starbucks follows the same path, and in January, the company announced it would use some of its incoming tax savings to increase pay and benefits for its workers.

These companies choose to invest in their employees in the hopes that happy workers will lead to happier customers.

Why do clients and customers care? It’s simple: Account managers and service representatives who are treated, motivated and compensated well are inclined to deliver better service than their dissatisfied counterparts. Prioritizing company culture amounts to prioritizing customer care.

Better culture, better service

At Elite SEM, four team is so confident in our culture that we have a brand promise stemming from it. If we switch an account manager, his or her client actually has the option to not pay us if the next account manager isn’t equal to or better than the previous contact.

It’s a bold promise, certainly, but we know our employees are satisfied, and as a National Business Research Institute study has suggested, satisfied employees lead to satisfied customers. Focusing on building great lives for great people has helped our agency grow to more than 200 people, something that wouldn’t have happened without client satisfaction.

We’re not the only ones who have realized the benefits of prioritizing the team. The global communications firm West Corporation boasts a "Customer Experience Lifecycle Management Maturity Model," which found that training stable teams across the entire company eliminates simple mistakes, gives employees a sense of ownership, leads to better products and improves the value customers see.

Building a transparent, happy team

A stable team results in a stable company, with renewed business and more client referrals. Those factors can have major positive effects on a business. So, whether your company responds promptly on social media to a client issue -- as American Express, for instance, does on Twitter -- or remembers longtime clients’ life milestones, you should be building a team that clients trust to take care of them. Here’s how to start:

1. Consider no question too big or too small. Seek employees’ opinions on high- and low-level matters. Have one-on-ones with every employee; everyone has a different employment history and valuable insights to offer. In addition to company town-hall meetings twice a year and live Q&As to keep every employee up-to-date, our team also uses tools like TINYpulse and CultureIQ to stay current on each employee’s opinions. The most important part of this constant feedback cycle, however, is acting on it.

JT Marino, co-founder of Tuft & Needle, has turned one-on-ones and employee feedback into a way of life. It’s not coincidental that his company has taken the coveted No. 1 spot on lists touting top company cultures. Marino describes Tuft & Needle as “culturally flat,” and he insists on giving every employee the chance to be heard.

Last year, in just two months, he conducted 50 one-on-ones to identify and fix common pain points across the company. Marino cites that semi-marathon as “one of the most valuable things I’ve done in my time at the company.”

2. Increase retention with tailored perks. An employee once suggested that our company help pay off student debt. Rather than blowing off the suggestion, I thanked the employee for bringing up the topic and laid out our benefits road map -- which held potential for student debt assistance once the company gained another 100 employees.

Every company should offer certain standard benefits. But whenever possible, tailor perks and benefits to the employees themselves. Employees are in favor of this type of benefits shift, it turns out. MetLife found in a 2016 benefits study that 70 percent of employees polled would be more loyal to their employers if offered customized benefits.

3. Treat employees like owners. The employees who care the most feel invested. All of our employees own equity in our company, so they all act like “intrapreneurs,” or employees who think like entrepreneurs within the company. Giving employees actual ownership over the company encourages them to deliver great work to clients. This ownership also gives employees the freedom to cultivate the working lifestyle that suits them best, priming them for positive client interactions.

In its 2017 Mind the Workplace mental health survey, Mental Health America found that in organizations deemed mentally healthy, 75 percent of employees surveyed cited relaxed workplaces with an open-door policy, 69 percent reported professional development opportunities and 52 percent said they had some type of flexible work offering.

It’s time for every business leader to recognize that company culture isn’t just an HR issue anymore. Culture affects the work that a company's employees produce, the services they deliver to their customers and the company's overall client relationships.

Prioritizing employees boils down to prioritizing customers. Start with these three steps to forge a company culture that keeps your clients coming back.

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33 Powerful Women Share Their Hopes and Dreams for the Leaders of the Future

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"It may sound cliche, but I hope to see more young people following their dreams. Growing up where I grew up, in the Harlem community, dreams were a luxury that a lot of people couldn't afford to have. That's a big reason why it's so important to me to have Harlem Chocolate Factory represent this thriving community and what can happen when you follow your passions. Everything we make is inspired by Harlem and its history and in return I hope we can inspire the next generation.

If you're lucky enough to have a dream, you should follow it. I think so many young people are afraid to ask for help, and just follow the path that's been laid out for them, but you can use the resources that are available to you to follow the path you desire.

Education is also another essential component. It's important to arm yourself with as much information as possible, and that can come through traditional methods like school or mentorship. No matter what your dream is, you need to have the drive to follow through and if you're doing something you truly love you will have the resilience to succeed as long as you arm yourself with the proper tools."

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Work-Life Balance - High Paying Affiliate Programs

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What Is Your Work-Life Balance?

My father was the hardest working person I’ve ever known.

Thankfully, he’s semi-retired now otherwise he may have just worked himself to death. Believe it or not, death by overworking is a real phenomenon in Japan where it is known as Karoshi, South Korea where it is called Gwarosa, and in China where it known as Guolaosi.

A strong work ethic is something that can propel you to great wealth. But it can also come with a great cost too. Overworking can wreck relationships, health and sleep habits in a hurry.

What Is Your Own Work-Life Balance?

“A recent study by Family Living Today and Now Sourcing uncovered surprising stats about work-life balance across the country. Right now, the United States ranks 30th out of 38 countries who have positive work-life balance. Maybe that’s because, according to the research, more than 11 percent of American workers say they work 50 or more hours a week. In fact, many people (33 percent) even find themselves working weekends or holidays too.”*

*Infographic and quote from entrepreneur.com

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What Entrepreneurs Need to Know About Facial Recognition Technology

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The opportunities are intriguing, as long as ethical concerns are managed appropriately.

March 30, 2018

5 min read

Opinions expressed by Entrepreneur contributors are their own.

As the Fourth Industrial Revolution unfolds with billions of people sharing a wide and deep array of data -- texts, tweets, GPS coordinates, all manner of photos, videos, environmental data, clickstreams, status updates, likes and reposts, pumping trillions of real-time signals into the digital universe -- what does the future hold? This data is like food for the whale of artificial intelligence.

In terms of a resource, this AI-food-rich data ocean makes the California gold rush, or the Texas oil boom, seem like tiny puddles. Vast amounts of data are flooding the digital space on a global level. AI-based algorithms will be propelling innovation in every sales arena from products to services and the more data you have, the more accurate the algorithm. Collecting and processing "big data" has become a focus for companies large and small.

And how does the AI whale digest this data? Through interconnected devices with embedded "eyes." Termed "deep learning," these artificial neural networks use layered machine learning algorithms that mimic the structure of animal brains. Utilizing gigantic data pools, deep learning can identify and interpret complex patterns much in the same way as the human brain. Some artificial neural networks are now extremely adept at employing these patterns to mimic the way humans recognize faces.

So, which company is in front of the deep learning fleet? Facebook, of course. Facebook holds the single largest collection of facial data, and in 2015 it introduced a greatly enhanced version of its "tag photos" feature, DeepFace, which employs a nine-layer neural network that matches features in separate photographs with 97.25 percent accuracy. DeepFace not only connects your face with your name, but it can literally pick your face out of a crowd, and a human brain is only .28 percent better at this than the program. Facebook has invested big-time in DeepFace, spending billions of dollars devouring the competition (including Face.com, Masquerade and Faciometrics).

Recently Facebook was granted a new patent, "Techniques for emotion detection and content delivery," which captures users' facial expressions via the camera in real time as they scroll through their feed, tracking their emotions when exposed to various content. This emotional data could not only personalize your Facebook feed at a whole new level, but could also link to live in-store cameras, matching and identifying shoppers, calling up information gleaned from Facebook and identifying the shopper's current moods. Your shopper is sad today? Why not play her favorite song as she approaches the shoe rack?

The possibilities for a radically personalized shopping experience are endless. And despite its dominance, Facebook is far from the only company plunging into these waters. Ebookers, a travel site owned by Expedia, has introduced a tool called SenseSational, which uses real-time facial recognition software to track users' faces as they choose images and sounds that are most appealing to their senses. The tool then sorts the user into one of four "tribes": The Adventurer, Culture Collector, Sun Seeker and Bon Vivant. And it suggests destinations and activities that match their tribe's travel preferences.

Singapore Technologies Electronics is now promoting its Advance Fare Gate System to private and public transportation organizations. This product identifies the facial features of commuters as they pass through fare gates, and charges a prepaid account accordingly, eliminating the need to show a fare card, and potentially easing crowding during busy rush hours.

As the bounty of AI expands before us, many tech giants, scientists and entrepreneurs say that now is the time to discuss the potential challenges and consequences of this new frontier. Facebook has already faced resistance to DeepFace on several fronts -- a lawsuit and bans in Europe. Privacy concerns abound. If Facebook can watch you when you scroll your feed, can it watch you while you look at other sites? Or while you move around your home? Does collecting data straight from a camera require consent? Where is the data stored, and who can access it?

What about civil liberties? Could facial recognition be used to identify someone participating in a lawful protest? In the wrong hands, could artificial intelligence and deep learning turn our society into a sci-fi dystopia? One thing is certain -- those questions will not vanish and businesses and developers will have to navigate them as they chart these new waters.

In the right hands, however, facial recognition can be put to good use. Be it ethical, such as the Central Railway in Mumbai, which has announced it will implement cameras with facial recognition by the end of the year to trace past movements of criminal offenders and be prepared to arrest them when they travel again; or to improve customer service, as when candy retailer Lolli&Pops uses in store cameras to recognize members and connect them with a profile, so that sales associates can greet them by name and provide them with personalized product suggestions.

Leaving the dialogue open for ethical debate, companies can approach deep learning from any angle they can envision. The whale of artificial intelligence is hungry. You can feed it whatever big data you wish, and watch it grow.

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Slide Images

Sunday, 1 April 2018

Why is it important for entrepreneurs to focus on personal development and education, even after they are no longer a start-up?

What advice would you offer entrepreneurs who stop researching due to time restrictions?

What skills should entrepreneurs be developing while they are starting and then managing a business?

Are there any tips and tricks you can offer to people who want to study, but still need the time to run their businesses?

What startling facts and figures has your research revealed that many entrepreneurs don’t realise?

1. Equipment financing.

2. Business credit cards.

3. Credit line builder.

Getting your startup off the ground with startup loans.

A Note From The Editor

Think your company has what it takes to make our Top Company Cultures list? Apply now.

Learn worst-case culture principles to achieve great results.

1. Define or redefine your values statement.

2. Put your values into context.

3. Give your values a socialization kick.

4. Care for your people.

A Note From The Editor

Think your company has what it takes to make our Top Company Cultures list? Apply now.

1. Create opportunities for connection.

2. Build a trusting feedback mechanism.

3. Don't micromanage.

4. Encourage office friendships.

5. Give credit away.

Volusion.com

Shoptify.com

BigCommerce.com

Why is it important for entrepreneurs to focus on personal development and education, even after they are no longer a start-up?

What advice would you offer entrepreneurs who stop researching due to time restrictions?

What skills should entrepreneurs be developing while they are starting and then managing a business?

Are there any tips and tricks you can offer to people who want to study, but still need the time to run their businesses?

What startling facts and figures has your research revealed that many entrepreneurs don’t realise?

How can an online business survive the trend?

Explore remarketing.

Foster customer online reviews.

And, now, those 3 important metrics for measuring 2018 ad ROI

A final note

Why is it important for entrepreneurs to focus on personal development and education, even after they are no longer a start-up?

What advice would you offer entrepreneurs who stop researching due to time restrictions?

What skills should entrepreneurs be developing while they are starting and then managing a business?

Are there any tips and tricks you can offer to people who want to study, but still need the time to run their businesses?

What startling facts and figures has your research revealed that many entrepreneurs don’t realise?

1. Create a financial plan.

2. Plan out your marketing strategy.

3. Set up your accounting system.

4. Generate media coverage and buzz by collaborating with local bloggers and pitching news outlets.

5. Reflect on wins and improvement opportunities for the next launch.

A Note From The Editor

Think your company has what it takes to make our Top Company Cultures list? Apply now.

Better culture, better service

Building a transparent, happy team

What Is Your Work-Life Balance?

What Is Your Own Work-Life Balance?