Business.com |
- How You Can Apply System Thinking to Your Business
- 4 Best Social Media Strategy Tips for E-Commerce Businesses
- 5 Reasons Why Some People Don't Think Their Hustle Measures Up
- Your Guide to Marketing in 2021
- The Best Spreadsheet Software: Features, Uses and Programs
- How to Make Payroll When Times Are Tough
- Why It's Important New Hires Fit a Company's Culture
- Hiring Tips for a Multigenerational Workforce: From Baby Boomers to Gen Z
| How You Can Apply System Thinking to Your Business Posted: 11 Jan 2021 01:45 PM PST  System thinking seems like a new buzzword in the world of business, but it's actually complex. Companies can be considered from an abstract perspective. Each of its departments, inputs, outputs and processes can be compared, in analog, to systems. If you attempt to do this, we realize that the generalization can offer us deep insights. System thinking is, at its core, a method of conceptualization. It's not how we, as humans, typically see things. If we are involved in using it to aid our understanding of business processes, we must first grasp what it is and how it can be applied. This article delves into what system thinking is and how it can be used to benefit a wide range of businesses and industries. How do you define system thinking?Depending on whom you pose this question to, the answers will be distinctly different. Biologists view system thinking as to how colonies of organisms arrange themselves to perform tasks that are most beneficial to their ecological niche. Southern New Hampshire University defines system thinking as a way of exploring factors and events holistically that may lead to an outcome. From a business perspective, this seems vaguer than it has to be, but it can be briefly applied. Businesses are involved in exploring behaviors. Whatever outcome you want from this behavior (a click, for a user to buy, etc.) comprises the outcomes. To fully access this outcome, we must first understand what the user goes through that leads them to that conclusion. These are the factors and events that lead to the click or closing of the sale. In this perspective, a business can figure out how to achieve a goal, given the inputs that make it up. However, these inputs are variable, and there's no telling what they will be. The interaction of these factors and events is what gives rise to the system that we're exploring. So, how does a company apply system thinking to its business? Learn how to use failure as a springboardSystems are prone to having breakdowns. All business processes are designed to be perfect in the sterilized back rooms of corporate offices. Unfortunately, the world isn't sterile and far from perfect. As a result, the systems break and become inefficient. For systems thinkers, this isn't proof that the system can't work, but it's a challenge to figure out how to optimize the system and develop failsafes. Harvard Business Review mentions several ways that businesses can learn from their failures. For a system thinker, it's about making the system functional, then iteratively building upon its success. System thinking is such an essential tool for business because it doesn't throw out ideas that could work. It just recycles them until it finds a working model. There are pitfalls to this strategy of considering business processes, but the positives far outweigh the negatives. Continual optimization drives successWhen you examine successful businesses, their processes are ideally optimized between inputs and outputs. There are hundreds of holding company examples, where efficiency between one business entity and another is optimized. From a business perspective, optimization drives production. However, this optimization is more than just about making products and offering services. Even things like how employees interact with each other and the business (the study of organizational behavior) can increase their efficiency. Seeing these things as a system has its merits, since it offers a new way to conceptualize drawbacks and improvements. Look at problems in depthWhen you typically look at the processes within a business, you might see things in a simplified manner. There may be inputs, processes, outputs and many things in between that affect the success or failure of these enterprises. However, system thinking makes you look at things from a three-dimensional perspective. Instead of just inputs, processes and outputs, you review the behavior that fuels these results. The holistic approach to problem-solving that system thinking brings to the table drills down into the actions and elements that make up the inputs and processes. Instead of seeing these as solid blocks that can't be subdivided, we can now look at them as small machines or systems in their own right. The more you step back, the more you realize that a business is in essence and living, breathing entity, made up of several interconnected systems working towards a single goal. From there, problems can be isolated and dealt with as you figure out which parts of a subsystem are broken. Interconnectivity is at the core of thingsJust like an ant colony can't survive without workers, eggs, and the queen, so, too, a business can't survive if one of its component parts is taken away from it. Interconnectivity between different systems allows for communication and the transfer of products back and forth. For many businesses, this is the art of their competitive advantage. But scaling vertically, companies can utilize raw materials faster than if they had to acquire them from outside the business. Interconnectivity happens between systems as well. Everything within a business is interconnected. Even elements like customers make up an indelible part of the business. Relying on others should be built into the company's culture to ensure that it preserves and enhances this interconnectivity. Similarly, the company's marketing efforts should connect to customers, funnel them into buying the company's products, and interact within their shared media channels. Seeing this interconnectivity holistically enables businesses to figure out where bottlenecks exist and help them clear a path to allow seamless integration. Implicit complexityBusinesses try to take complicated things and make them simpler. Simplification is what drives innovation in many companies. Unfortunately, when it comes to business management, simplification is like the Holy Grail. Businesses are implicitly complex, but that's why system thinking works so well to conceptualize them. Instead of simplifying a business, a system thinker needs to accept its complexity and then start finding where its problems are. To be a system thinker in a business means having a love for finding and fixing issues within its structure, no matter how complex it might be. Adopting a systems approach can make for interest developmentSystem thinking is unique in how it sees the world around it. It starts with defining the systems that make up the workplace and all the subsystems that function under its umbrella. Each system has its own factors and interactions internally that carry repercussions to each other system that it interacts with. In a simple company of just a few workers, the exchanges can be few and far between. However, as businesses scale up, these interactions can be vast and have far-reaching consequences. The interconnections between these systems, as well as their internal tasks, are crucial in understanding problems that exist within these systems. It's here that system thinking needs the insight that only critical thinkers can provide. A system that functions may not be doing so optimally. It's up to someone who understands the inherent interconnections to figure out how it can be improved and implement those changes. As more businesses adopt system thinking, it may come into standard usage among companies with time. For now, companies that have a system thinker in their ranks are way ahead of the curve in optimizing their business structure and efficiency.
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| 4 Best Social Media Strategy Tips for E-Commerce Businesses Posted: 11 Jan 2021 01:30 PM PST  E-commerce businesses today can't afford to sell products on their websites alone. Social media platforms form another essential area where retail businesses need to market their products and even sell them directly. In fact, there are many brands and individuals that host their online shops on social media only. Or they rely heavily on their stores on Facebook and Instagram and use their websites to support these activities. Whatever e-commerce business model you work with, it's vital to leverage social media to grow your business. This is especially true if you have a B2C business, since a large percentage of your target market is present and active on social media. In this article, we'll explore some helpful social media strategies for e-commerce businesses. Using these tips, you can develop a solid social media strategy that creates engagement and sales. Start with a social media content calendar.Your social media presence is only as good as the posts you create. Planning and designing text posts, images and videos are difficult tasks that you need to do on an ongoing basis. For the best outcome, you would do well to plan your social media content using a content calendar. Even a simple content calendar using an Excel sheet is better than no planner at all. In one digital marketing study, it was found that 33% of all marketers have a documented content marketing strategy. The best performing brands were also those that planned and documented their content creation strategy. How to set up a social media content calendarOne basic way to set up your calendar is to create an Excel sheet with rows and columns for days of the week and different social networks. A setup like this gives you an overview of what your content will look like over time. If you use a cloud-based service like Google Drive, you'll be able to share your documents with other people and edit content in real time. It's also worth subscribing to project management platforms and social media management tools. You'll be able to give multiple employees access to these platforms. The major benefits of using a social media management tool include post scheduling and brand monitoring. You can use hashtags and brand mentions to create feeds. These feeds will auto populate with tweets, posts, comments and other content whenever they consist of keywords you've picked. Whatever options you choose, planning your content matters. Another helpful calendar you can set up is a holiday calendar for the year. A holiday calendar displays major events like Valentine's Day, Thanksgiving, Cyber Monday and more. When you use a holiday calendar for reference and build your social media calendar, you won't miss an important event. Share positive reviews and ratings.It's well known that getting positive reviews and ratings plays a critical role in driving an e-commerce platform's success. Here are some critical e-commerce marketing statistics you should know:
If you want to build trust through your social media profile, it's important to feature your ratings and reviews on social media. You create social proof and convince your audience that your brand can be trusted. Take screenshots of positive feedback from customers and post them to your social media pages. It's also critical to ask your existing customers to rate your brand on different platforms. Facebook allows people to see the star ratings of your business page. Your Google My Business page also showcases ratings and reviews by people who have visited your business. Encourage your users to leave reviews and ratings by sending an email a few days after the delivery of your product Some businesses also add loyalty points for leaving reviews. One of the most powerful ways to boost your online reputation is to get video testimonials from clients. Sharing videos on social media is a surefire way to get engagement and build trust. We'll look at this in more detail in the next section. A final tip for creating social proof on social media: Look for brand mentions and relevant hashtags related to your products or business. You'll find content that's made by your customers. Share their posts on your own page, and you'll reduce the need to create content from scratch and help people trust your e-commerce brand. Use videos.It's not possible to overstate the importance of videos in your social media marketing. Two of the most significant shifts in technology today are the availability of mobile internet around the world and the affordability of smartphone devices. People all over the globe are able to access information through their phones and rely on them more than they do desktop computers. Mobile devices are used to carry out searches, buy products and even do banking activities. With this shift towards higher mobile usage, videos have emerged as the reigning content format due to how easy it is to consume on small mobile screens. Your best bet to winning social media marketing is to create videos. Here are some ideas that you can use:
Making video content will create variety in your content calendar. You also have a lot of flexibility to make different kinds of videos. With some experimentation and data tracking, you'll soon figure out what your audience responds to best. Add social media feeds to your e-commerce site.This strategy focuses on bringing social media content to your website. Why would an e-commerce site choose to add social feeds to their site? Let's look at a few reasons why:
You can manually code your website to display social media posts. Another option is to work with social feed plugins. Adding social feeds to your site brings together visual content, interactivity and reinforces your brand's trustworthiness. You'll creatively leverage social media to support your e-commerce activities. Social media is a must-use platform for retail businesses. E-commerce businesses rely heavily on images to showcase their products and convince their potential customers to buy them. And because social networks are primarily visual platforms, they are important places to engage your audience. We've covered some powerful tips to boost an e-commerce business's growth through social media. Work with the tips given here, and you're sure to win customers and drive long-term customer relationships. |
| 5 Reasons Why Some People Don't Think Their Hustle Measures Up Posted: 11 Jan 2021 01:15 PM PST  I'm always inspired by super motivated people who can juggle multiple jobs, take care of business on the fly and never get flustered or seem off their game. You know these people – maybe you are this person. We like to say they hustle. The average person who holds a job, occasionally overbooks their calendar and needs voice reminders is also out there hustling. It's just at a different pace. Many people get caught up in gauging their self-worth and accomplishments by what they see other people doing. Well, if you already thought you were the equivalent of being picked last for an elementary school ball game, now you are even more defeated. And guess what, your motivation drops even further, and so does your productivity. People need to stop sabotaging their hustle and just hustle the best they can. Here are five reasons why some people don't think their hustle measures up and how to escape this negative thinking. 1. Seeing younger people accomplish moreYou can't look at your boss, who's 20 to 30 years younger, and wonder why you didn't hit such career heights at that age. First, so much is different just in the realm of technology that there are opportunities today that weren't even dreamed of when you were that age. But maybe you think that's an excuse. You could have worked harder or studied more in school. Yet, this faulty thinking still has you measuring your accomplishments by someone else's standards. In truth, most people work to a certain comfort level. Quit beating yourself up over something you would not have and could not have done. Learn to be happy with the career comfort level you chose because it suits you just fine. 2. Not going to a prestigious collegeBill Gates, Steve Jobs, Mark Zuckerberg, some of the most successful and wealthy people in the world share another shocking statistic. They all dropped out of college. Some people might look at their colleagues and see Ivy League diplomas hanging on their walls, but again, you can't use their accomplishments when judging yourself. Yes, a diploma from a prestigious college or university can go a long way in the corporate world. But it is certainly not a requirement, or the big three above would not be at the pinnacle of wealth and accomplishments. Depending on the company you work for, they might even forego a college degree for on-the-job training. Much of the world of work relies on jobs and tasks not covered in college courses. Stop worrying. Don't let someone else's framed piece of paper get you down. Your college degree and your willingness to learn on-the-job is sufficient hustle. 3. Failing to recognize small accomplishmentsThe only way to start seeing your hard work's value is to break up large goals into smaller accomplishments and celebrate them like it's 1999. Who says you have to toil for weeks on a huge project that seems to have no end, feeling miserable that you have so much to do. And what's worse, you can't see much progress. One solution to this problem is to take that project and divide it into individual portions that mark a certain point where you can celebrate their completion. At the end of each portion, compliment yourself on a job well done, and be satisfied with how far the job has come. Make a visual chart or project board with the large job sectioned out and put it in a highly visible place. This graphic will be the validation you need to prove you're hustling and getting stuff done. Even just a quick glance at it here and there will boost your motivation and keep you focused. 4. Taking on too much responsibilitySometimes accepting a promotion or taking on new work responsibilities just takes you too far out of that comfort level where your hustle lives. In the corporate world, most people are groomed to climb that ladder and amass more and more titles and jobs. However, this life is not for everyone. Some people just adapt to change and can take on massive amounts of responsibility and never miss a beat. These are the true leaders, and they make their way to the top because they are equipped to handle all the stresses and responsibilities most people get anxious just thinking about. Not everyone can be a leader, and not everyone should want to be. Great leaders need responsible, hard workers to hustle for the cause. Even if you are not the one in charge, you add an essential element to your team. Additionally, it's OK to know your strengths and to want to be the best at just a few things rather than be good and several. The average person, stretching themselves too thin, usually fails to get noticed, because they have too much on their plate and can't settle into honing a few key strengths. Sometimes refusing to add responsibilities to your work life is the best thing for your career. It's not that you aren't hustling. You just value quality over quantity, and your hustle is concentrated on your best skills, not on a perpetual hunt to accumulate more. 5. Not factoring in family and home lifeWhen you measure your hustle, don't leave out all you do with family and home life responsibilities. Work is work. Work should not be life. When you're not hustling at work, you are getting things done at home, which absolutely adds major credit to your overall hustle game. Working moms and dads have the responsibilities of raising their children added to their hectic work lives. These days, especially when families struggle with remote learning and childcare dilemmas, the home struggle is real. But you're getting stuff done like a boss, and you cannot compare your situation to the single co-worker who takes work home, works every weekend, and asks for extra projects. Is she hustling? Absolutely, but hers is a different kind of hustle. She's not fixing breakfast, helping finish homework and fixing ponytails before heading out to her 9 to 5. And she's not finishing remote learning lessons after fixing and cleaning up supper for four. Family life is a hustle like no other. Don't you dare forget to count it. Final thoughtsThe only person you should be comparing yourself to is you. Are you hustling the best way you know how? Are you satisfied with the jobs and responsibilities you have? And are you celebrating all of your successes, not just the rare tremendous accomplishments? If you cannot answer yes to these questions, you need to be easier on yourself and ditch your current expectations. Sometimes it's difficult to see yourself in a different light after gauging your value with the models created by others. However, the first step to being satisfied is setting your own goals and creating your own standard. It's time to prove to yourself that your hustle is strong!
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| Your Guide to Marketing in 2021 Posted: 11 Jan 2021 08:00 AM PST  Although business as a whole suffered in 2020, no one felt the pinch more than the startup community, which lacks the well-lined purses and substantial credit lines that established corporations can rely on in times of economic uncertainty. The pandemic has had a much deeper impact on small and midsize businesses (SMBs), on the supply as well as the demand side. On the supply side, increased public health restrictions have led to vast labor shortages and reduced worker capacity, while the flow of goods has been severely disrupted by supply chain shocks. On the demand side, the sudden loss of demand due to social distancing and government lockdowns has increased liquidity shortages for already-vulnerable SMBs, resulting in mass layoffs and reduced consumer confidence. Though public release of the COVID-19 vaccines is around the corner, entrepreneurs are not out of the woods yet, since the logistical limitations of distributing vaccines, combined with public apprehension about taking them, are likely to prolong the ongoing uncertainty well into 2021. So how can SMBs overcome the challenges of marketing in the current crisis and prepare for a stronger start this year? Here are some key strategies to market your startup effectively in 2021. 1. Don't immediately chop your marketing budget.Although many say that advertising is the first expense to go in a crisis, resist the urge to immediately take a sledgehammer to your marketing budget. Cutting your ad spend is likely to offer a short-term boost to your bottom line that will have harmful effects in the long term. According to research from Adweek, companies that cut their ad spend during a recession typically observed a reduction in sales and income of 20% to 30% over the next two years as a result. Cutting your ad spend affects other aspects of your business in addition to sales. For example, without advertising support, it becomes more challenging to maintain distribution, which increases the temptation to cut your prices. The ensuing lower margins, combined with reduced sales, can be fatal to your business, especially if you are not alive on marketing channels. 2. Be smarter with your marketing spend.Instead of cutting your marketing costs, consider how you can do more with less. Although you may not have the budget to market aggressively in the new year, analyze your marketing channels to identify those with a positive return on interest. Allocate the bulk of your marketing resources to these top-performing channels and cut out the underperforming ones instead of going cold turkey on marketing. Another option for startups with little to no marketing budget is to partner with a noncompeting company in a complementary product category to share the cost of advertising to a similar audience segment. Check out this example of a successful brand partnership between Jars by Dani, a homegrown New York City dessert maker, and Talenti Gelato. A similar partnership with a startup in your same boat may be a win-win situation. [Read related article: 3 Steps to a Successful Small Business Partnership] 3. Focus on creating value for customers.It's a well-known marketing adage that keeping an old customer is cheaper than acquiring a new one. In the time of COVID-19, though, startups have learned the hard way that customer loyalty is severely tested when money is tight. In 2021, focus on building long-term customer value. The first step is listening and learning from your customers – not just as a one-time activity, but as a continuous feedback process that is well integrated with your marketing strategy. Use this feedback to create value for your existing customers. Value does not necessarily have to be in the form of discounts and promotions; rather, focus on making your customers' lives easier. Canva's Design School is a great example of how this can be done. By providing valuable learning resources to customers on how to use the platform and hone their design skills, Canva was able to boost its user growth during 2020, leading to an increased company valuation. 4. Automate your marketing process.The business mantra of 2020 was to "embrace digital transformation," but what does this mean for SMBs? In a nutshell, the best way for SMBs to leverage digital tools is to automate marketing processes. Not all SMBs have extensive marketing teams to roll out campaigns at the drop of a hat or analyze vast amounts of customer data. And with customer journeys being as fluid as they are, with countless touchpoints both digital and traditional, marketing automation is the quickest way to calculate your marketing ROI and reallocate resources to your top-performing campaigns. According to Salesforce, around 67% of companies already use some form of marketing automation. Your investment in an automated solution will help to relieve you of the effort of actively marketing, while still enabling you to access data that can inform your strategic decisions going forward. [For tips on choosing your solution, check out Business News Daily's Marketing Automation Buying Guide.] 5. Keep the content coming.Let go of the myth that it is prohibitively expensive to develop new marketing content for your business. Content marketing is a must, and it doesn't have to break the bank. There are plenty of tools out there to help you create quality content at a fraction of the cost of hiring a professional agency. Instagram Stories, for example, have been particularly effective for small businesses during the pandemic. Instagram has a host of new features such as polls, location tags, shopping, and GIFs to help make your content engaging and targeted to your audience, and all you need is a smartphone to get started! Another way to save money is to repurpose old content. Consider turning your old blog post into a video or a carousel image on Facebook. Make a video into a slideshow. Repost content from one social channel on another one. The options for repurposing content are endless. Most importantly, when producing content, don't be afraid that your marketing efforts will appear low-budget and poor-quality compared to larger brands' content. Even the biggest brands out there use social media and similar content channels to promote themselves while maintaining engagement, so give yourself a chance by constantly putting out new content. 6. Get your business online.It cannot be said enough – if you're not already online, the time is now. SMBs and large businesses alike have faced various operational and logistical issues throughout the pandemic, resulting in financial losses and long periods of inactivity while stores remain closed. Since the uncertainty is unlikely to end anytime soon, you need to embrace new channels to reach customers and maintain some business continuity. Examples abound of startups that have found creative ways to sustain themselves online during the pandemic, and your customers expect no different from you. With the number of tools and channels available to support small businesses today, you are actively harming yourself by not finding a way to keep business going online. The simplest way is to build a website. This can be an online store if you sell products, or you could offer virtual consultations or sessions if you are a service-based business. Easy website builders like Wix and Shopify can help you with the latter, while video conferencing services like Zoom, Microsoft Teams, and even Instagram Live can help you with the latter. Apart from allowing you to maintain your earnings, digital channels can help you learn more about your customers and their preferences. By setting up a digital presence and monitoring how people shop online, you can gain valuable insights that will allow you to improve your sales funnel, and possibly even implement these lessons in your physical store once the lockdowns are lifted. 7. Be authentic and personal in your messaging.Authenticity is the key to connection with customers, especially when times are tough. Instead of depending on discounts and promotional offers to attract customers, focus on building a strong emotional bond with your audience. This is especially poignant in the case of small businesses that have been serving customers in their communities for a long time. Although a lot of companies are trying to appeal to human empathy these days, it's very easy for customers to discern authenticity from PR. Customers who support your business want to hear your story and what you have to say, and see the face behind the brand. Being active and visible on social media and other channels helps to get your message seen and heard, which can go a long way in building true connections with your customers. Though short-term measures to preserve liquidity are the most tempting, it is vital for SMBs to stay focused on the long term. An investment in building trust and emotional connections with your customers is likely to go a long way, helping you come out stronger in 2021. |
| The Best Spreadsheet Software: Features, Uses and Programs Posted: 11 Jan 2021 05:30 AM PST  Nearly every business uses spreadsheets in its day-to-day operations. However, spreadsheet software has evolved far beyond the simple Excel file. There are more spreadsheet software options available than ever, and these programs can be used for much more than financial and data tracking. Once you learn all of the different ways to leverage a spreadsheet, you can use these programs to do everything, from tracking projects to creating visual data presentations. Here's how to find the best spreadsheet software for your business needs and how to make the most of the program you choose. What does spreadsheet software do?Spreadsheet software is used to store, organize and analyze data. Most of the time, the data that is entered is numerical, though spreadsheets can also store addresses and contact information. Spreadsheets automatically calculate data based on the formula or function that you create and modify for them. For example, let's say you're using a spreadsheet to track how much money you're using from a budget. You can set up the spreadsheet so every time you enter an item you purchased from the budget, the software automatically subtracts the cost from the total budget. If the budget starts at $5,000 and you buy a product that is $400, you input the product and its cost into the spreadsheet, and it automatically does the calculation, showing your remaining budget of $4,600. The data in spreadsheets is represented in individual cells. These cells are organized in vertical rows and horizontal columns. They can be resized so you can visually see all your data. Most spreadsheet software lets you create data visualizations for your information. The type of visual elements depends on the software you use; however, the most common are charts and graphs. Features of spreadsheet softwareWhen most people think of spreadsheets, they think of data entry and simple calculations. But modern spreadsheet software is more than a financial tool. These applications serve as a robust way to help collect, organize and analyze important business data. While every product is different, most come standard with these features: Rows and columnsThrough a spreadsheet's grid system of rows and columns, all of your information is neatly organized in one easy-to-read space. Formulas and functionsA spreadsheet allows you to design unique formulas to give you insight into your data. Many of these functions can easily be used and displayed by either building a custom formula or function, or using one of the software's preset options. This not only saves you time but also makes your data more accessible so you can use it to inform your decisions. In a spreadsheet, functions evaluate values, while formulas are used to express the relationship of two or more cells in that spreadsheet, using an equal sign. The most commonly used formulas include basic arithmetic, such as addition, subtraction and multiplication. Frequently used functions include sum, average, count, and the minimum and maximum functions. There are more advanced functions that help you manipulate variables, large sets of data and amounts of time. Data filtering and visualizationYou can create tables, dropdown lists, filters and other tools to organize the information in your spreadsheet. Most spreadsheet software also comes with built-in tools to showcase your data visually, including bar charts, graphs and pie charts in a variety of styles and colors. Custom formattingWith a few simple clicks, you can apply different formatting to separate information, create headers, merge cells into larger boxes and otherwise customize the look and feel of your spreadsheet. You can also use conditional formatting features to change the color or text style of a cell when certain information is present or missing. This can help you keep tabs on specific information at a quick glance, instead of combing through each individual cell to find what you need. What can I use spreadsheet software for?While spreadsheets originated in the world of finance, today's software does more than track your budget. If used correctly, it can perform many tasks that save you time and money. It can allow employees to work more efficiently, giving you and your team a better workflow. Here are some common functions a spreadsheet can serve for a business: AccountingSpreadsheets can keep track of simple numerical data such as your budget, but you can also use them to implement whole accounting systems. You can use a spreadsheet to keep track of invoices you send customers and ones you receive from vendors. You can also use them to track employee wages, including overtime, paid time off and sick leave. AnalyticsUsing the data you input into your spreadsheet, you can organize and analyze it in various ways. You can make predictions about how your company will scale based on current data or create simulations with different variables to see different outcomes. With this analytical functionality, you can make informed decisions for your company that are grounded in data. PresentationsData can often be complex and hard to explain. With so many different variables and numbers, it's difficult to share your findings and information verbally. Using spreadsheets and their graphic abilities, you can easily display and explain large, complex amounts of data in an easy-to-digest visual format that's perfect for presentations, landing pages and more. Project managementIf you're using a cloud-based tool, you can use spreadsheet software as a centralized place for employees to collaborate on projects and track progress. Using conditional formatting and data validation lists, spreadsheets can be set up to visually represent project statuses and who's working on which tasks. Popular spreadsheet software applicationsWhen it comes time to choose spreadsheet software for your business, one or two programs may come to mind. However, there are many different types of spreadsheet applications that offer different advantages depending on the user. Here are a few of the most popular spreadsheet software programs and why business owners love them: 1. Microsoft ExcelIntroduced in the late 1980s, Microsoft Excel is one of the most popular and well-known spreadsheet software programs. It is often viewed as the gold standard of spreadsheets and offers a wide range of features, from basic mathematical formulas to more complex automations and programming solutions via Visual Basic for Applications (VBA) macros. For licensed Microsoft Office users, Excel is accessible as a desktop software or web-based application. "I use Microsoft Excel most often because of its versatility and wide user base," said Michael Sena, founder of Excel Consultancy Senacea. "The Excel web app also comes in handy, allowing you to embed spreadsheets on the website. It can be miraculous for creating online calculators." 2. Google SheetsGoogle's spreadsheet software is a built-in feature of every free personal and business Gmail account. As part of Google Workspace, Google Sheets integrates with other programs such as Google Analytics, Google Data Studio and Google Forms, making it easy to import and export data from your spreadsheet. Many business owners prefer Google Sheets due to its cloud and web-based "anywhere" access, and the familiar interface and functionality that mirrors Microsoft Excel. "Although Excel has a cloud platform, it is difficult if a device doesn't operate with an official Microsoft Office license," said Stephen Light, co-owner and chief marketing officer at Nolah Mattress. "Google Sheets doesn't require any downloads and is easily accessible by merely typing the site URL sheets.google.com." 3. AirtableAirtable can function as a basic spreadsheet, but this robust tool can also be switched to a calendar, Kanban, form or gallery view to help users instantly visualize the same data in different ways. Its highly customizable user interface also allows you to create relationships between data sets within each "base" or table, and can be integrated with external services to build a powerful business management tool. "Airtable provides the ability to create automatic routines," said Andy Kolodgie, owner of The House Guys. "For example, users can design a form in Airtable, post it to Facebook, and automatically return all the responses from the form into Airtable – and then create relationships based on that data." 4. Apache OpenOfficeApache OpenOffice offers a basic spreadsheet application with its free, open-source productivity suite. It supports multiple file formats, including those from Visio, Corel Draw and Microsoft Publisher, and ODS files are compatible for upload to Google Sheets. "Open-source [software like OpenOffice] is a great option, as it costs nothing and has a community of developers behind it, which continuously helps improve the functionality and usability of the software," said Jonathan Kelly, SEO manager at 1stonthelist.com. "[It also] offers many add-ons/plugins to make the productivity of the software even more streamlined." 5. HandsontableAt a glance, this JavaScript data grid looks and feels like Microsoft Excel. However, Handsontable has dozens of customization features via useful plugins. Tech-savvy users can edit the source code to suit their specific needs. "[With Handsontable], I can work with large volumes of data without concern of slowdowns or other performance issues," said James Surrey, founder and chief editor at Review Home Warranties. "As someone who [has] a lot of data to analyze and sort through, these are all important features that make my daily assignments more hassle-free." 6. SheetgoThis no-code automation tool lets you and your team collect, manage, and share data and create custom workflows within a familiar spreadsheet format. With Sheetgo, you can create remote connections with other Sheetgo users and transfer files, including ones stored in Google Drive folders. "Being able to transport Excel sheets makes it easy to share files with my employees – all of whom are working remotely at the moment," Michael Kipness, founder of Wizard Race and Sports told business.com. "I can transfer entire sheets or just single columns, rows, or specific cell colors. The easy sharing ensures my staff and I are looking at the same sheets." 7. SmartsheetIf you use spreadsheets for project data rather than numbers, Smartsheet is a great option. Its simple user interface allows you and your team to manage projects and create reports all in one place. Smartsheet also includes a handy form feature that can be distributed to clients, employees and other business contacts, which then feeds data back into your sheet. "We use [Smartsheet] for metrics and pull everything into dashboards, which really helps, because we can track what number and type of transactions are happening with each client," said Vicky Brown, CEO of Idomeneo Enterprises Inc. "We also use the application extensively for onboarding, both new employees and clients." 8. Zoho SheetZoho Sheet is another free spreadsheet web application that has an abundance of features. There are over 350 functions available, including an option to create custom functions in your spreadsheets using a minimal amount of coding. "We primarily use [Zoho Sheet] because of how powerful the collaboration tools are," said Rex Freiberger, CEO, Gadget Review. "I've found it far less laggy than Google Sheets. There's also real-time chat and the ability to preserve past changes in case something needs to be discussed." How to choose the best spreadsheet softwareWhen you're ready to choose spreadsheet software for your company, there are a few specific factors that you should consider.
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| How to Make Payroll When Times Are Tough Posted: 11 Jan 2021 05:00 AM PST  The pandemic led to economic decline in specific sectors of the economy worse than others, but small businesses took most of the hit. CNBC mentions that YELP data shows closures of up to 60% of small companies. For those that remain in operation, there may be some bleak times ahead. Even if they do manage to resume their operations, business owners will be hard-pressed to meet their payroll obligations. In unstable economic times like these, a business is faced with difficult choices. With no income coming in for at least a few months after operation resumes, business owners need to start getting creative. Establishing fallback lines of revenue may not be possible in such a crippled economy, so businesses will need to look elsewhere for other funding sources. In this article, we'll delve into the options that companies have to help them make payroll during tough economic times. Notify your employeesWorkers typically plan on collecting paychecks at the end of the month. Some of them manage to have savings in case you're a bit late in paying them. However, it's bad faith to wait until the last week before payday to inform them that you can't pay them that month. Typically, small business owners don't engage their staff and tell them that they can't make payroll because they're ashamed of what the employee would say. Ideally, if you're telling your employees about the upcoming lack of payment, you should use a top-down approach. In each department, there's typically a point-person that you can disseminate information to. It would be best if you told each employee yourself, and in smaller companies, this might be a proper approach. However, in larger businesses, this just isn't the case. Employers have to rely on the most experienced workers to deal with others. Some employers can even allow their workers time off as the business winds up to look for other employment. Find alternative financingIf you can't make your payroll, you'll need some desperate action to make sure your business doesn't close down. Immediately, the business can start liquidating assets. Anything that the company owns that it doesn't need immediately can be sold to get money to pay off employees. This liquidation does have the side effect of putting the business down some assets, but the positive side is that it can ensure that employees stick around within the company. If you're not seeing income over a few months, however, you'll have to find some other way of getting the money to remain afloat. Hard business loans are an option you can explore. Typically, if a business cannot meet the requirements for a regular business loan, they have the option of taking out a hard business loan. They use real estate as collateral and have high interest rates and fees. Businesses can look at these loans to tide them over, but they're best left as a last resort if there are no other options for financing the payroll. Business owners can also leverage their own personal savings. In such a case, they're banking everything they've made and own to support their employees and their business. This choice isn't appealing to some business owners, but to others, who see their staff as family, it may be among the first considerations before resorting to layoffs. Use available resourcesIf your business is product-based, you may have inventory that you can liquidate in a pinch. However, this also means that the business's ability to profit will be severely hampered depending on how much of its stock is liquidated. Alternatively, if the business has outstanding payments, it can contact debtors and ask them for a cash repayment. When a company does this, it would need to sweeten the deal. Several businesses offer reduced cash payments for immediate income that it can spend on its payroll obligations. Your overhead money will be lost, but you'll pay your employees. Both of these options are viable if you're running short on cash for your payroll. Don't stagger your payrollIn tip-based businesses, employers might be able to ask employees to stagger cashing their checks or hold off on paying a salary because tips can cover much of employee expenses. Asking for the staggering of the payroll sets yourself up for future disappointment. Employees usually become disgruntled when they don't get paid on time, even if they get tipped to make up the difference. There's a way to avoid staggering the payroll, but it involves having the top-paid employees on board. The income the company makes might be enough to pay for lower-level employees. Upper-level staff might be willing to live off their savings for a month, and you may have to give up your own paycheck just so that those lower down the hierarchy can get paid. Using this methodology can help to develop solidarity among the staff, rather than resentment. It's important to consult employees at the top before making this decision since it'll be partially their decision not to be paid as well. Restructure the companyIf you've reopened and found that you're not making as much as you used to before the lockdown, you may need to do some company restructuring. Companies often spend a lot of time trying to figure out how they can slice expenses to make the business profitable. Unfortunately, cutting makes the enterprise less manageable and more challenging to recover. Restructuring takes a hard look at what the company can do without and removing those things from the equation. Permanently altering the business structure allows the company to deal with expenses more effectively. It also removes parts of the business that serve no purpose or are too much of a drain on incoming resources. Business owners may need to take up the slack and work alongside their staff to avoid paying extra employees. In this scenario, the business owner needs to make it clear that their presence ensures the health of the business. Employees shouldn't see this as a chance to give up some of their responsibilities. Business owners should show appreciation to their workers during these challenging times. Something as small as filling up a tank of gas or a free meal goes a long way towards inspiring loyalty. Business owners are in the unenviable position of trying to meet payroll in an uncertain economy. With fewer people wanting to come out and do business, there are options that companies can explore that moves most of their processes online. There's still the thought of doing your best for the employees. Restaurants and other service-based industries still need to pay waiting staff if they open their doors. Even if they don't, those staff should get a minimum payment for being furloughed until the pandemic blows over. As it stands, it's still uncertain what will happen in the coming months. Employers need to take care to protect their most valuable asset, their workers. |
| Why It's Important New Hires Fit a Company's Culture Posted: 11 Jan 2021 05:00 AM PST  Everyone has a job that they remember. Whether it was the laissez-faire style of a teenage summer job or a boring stint as one of many cubicle-bound office workers, the company culture that existed in those jobs significantly impacted your enjoyment or discontent of those positions. If you're a small business owner who is attempting to build a company culture, it's important to ensure your next hire fits in within that culture; otherwise, there could be potential problems later. What is a cultural fit?As an all-encompassing notion within a company that dictates everything from how people interact with one another to the style of banter that takes place in the office, a company's culture is an intangible factor that matters more than you might think. According to Culture Amp's Sophia Lee, a cultural fit is the "concept of screening potential candidates to determine what type of cultural impact they would have on the organization." This screening is done by focusing on the "values, beliefs and behaviors" that exist between an employee and their employer. Cheryl Hyatt, co-founder of Hyatt-Fennell Executive Search, defines company culture as the organization's "mission, values and approach." Hiring, said Hyatt, goes beyond what's listed in the job posting. "Job descriptions usually focus on the roles and responsibilities of an individual position by listing the necessary experience and skills needed for a job," she said. "However, each job is within the context of a unique organization. It's not just what they do, but how and why they do it." According to Hyatt, two companies engaged in the same business undertake their work in different ways, and for different reasons. By understanding what makes your business uniquely successful, Hyatt said, you can understand how to best foster success within your workforce and the company at large. Why is workplace culture so important?Recent data suggests that Americans spend approximately 1,764 hours per year working. That translates to 73.5 consecutive days without stopping, or 10.5 weeks without breaks. With so much time spent working, it's important that those long hours aren't miserable ones. There are additional reasons as well why you want to create a strong, positive work culture among your existing and new employees. It keeps employee engagement up.One way to avoid having your workers be miserable is by creating a company culture that makes them want to come to work. How a company does that depends on the type of business it is and its ability to create an environment that keeps employee engagement up. By fostering a company culture that keeps your team focused on the task at hand, Greg Besner, founder of CultureIQ, said it is possible to create an environment that boosts productivity. "Hiring for mission and value alignment is arguably the most important piece of the puzzle to get right," he said. "If someone isn't inspired by your mission or on board with your values, then the employee won't feel as incentivized to contribute. Further, other employees will know if a new colleague isn't getting the culture or doesn't care, and this can tear your company apart." It establishes a company's "personality."Over time, workplace culture becomes analogous to the company's overall personality. Provide a workplace where people feel comfortable, accepted and part of something they want to contribute to, Hyatt said, and you can enjoy the fruits of a "mutually advantageous relationship." "People do not only want a job as a way to make a paycheck, they want a job as a way to make a difference," Hyatt said, referring in particular to today's largest segment of the workforce – millennials. Employers, said Hyatt, benefit from employees who work hard for the company's mission. "Simultaneously, you provide meaningful work in a positive context," she said. "An individual who is a poor cultural fit will not have a positive impact on the team where they are placed and may not last long with your company, which is an unfortunate use of time and valuable resources." People who don't mesh well can spoil the culture.It can only take one person who doesn't work well in the already established office culture to ruin the feeling for everyone. Therefore, it's important small business owners and managers pay attention to a candidate's personality and cultural fit while evaluating their business talent. "When the hiring process is effective, the candidates that are hired are more likely to be satisfied, motivated and committed," Besner said. "Successful recruits are motivated to exceed their goals, proactive about learning new skills and starting new projects, positive in their approach to work, creative in solving problems, and committed to developing their careers at the organization." How do you quantify a candidate's cultural fit?When going through the interview process with new candidates, research where they've been, what skills they may possess and what they can bring to your team from an operational standpoint. How, though, do you properly assess a potential candidate's cultural compatibility? Though you can't necessarily assign a point value to a person's cultural fit within your company, nor can you see it in front of you, there are ways you can glean whether a candidate will work well with your current group. According to Hyatt, it involves asking thoughtful interview questions and carefully listening to the answers provided. "When evaluating a candidate, looking at their experience and accomplishments is helpful, but the most important thing is to ask intentional interview questions and listen to their answers," Hyatt said. "The purpose of an interview is for a candidate and a company to get to know one another, which is why it's the perfect place to evaluate cultural fit from both sides. Interviewers should ask questions about a candidate's values, approaches and career aims. A candidate should learn more about a company's legacy, mission and strategy." Evaluating cultural fit goes beyond the candidate interviewOnce hired, the evaluation doesn't end. Besner believes it's through the "employee life cycle" of the onboarding process, training, and, eventually, daily life in the office that you gain an even better understanding of their place within the corporate culture and whether they're a good fit. "After an employee is hired, consider the rest of the employee life cycle ... and look for ways to embed the company's values throughout the employee life cycle," he said. "Every policy, process, and program is an opportunity to reiterate the mission and values." Potential pitfalls of hiring for cultural fitWhile it's important to keep your company culture in mind when seeking out a new hire, you're running a small business, not a social club. Work still needs to get done, and people need to be professional. It's with that concept in mind that you should remember that while important, your company culture is not the be-all and end-all when it comes to making a hiring decision. Hiring a successful candidate relies on several factors, with cultural fit being one of them. As a small business owner looking to hire the best candidate for the job, you have to make sure the person you hire has the skills to contribute right away. Hiring strictly for a cultural fit may be tempting, but your business depends on strong and competent employees who can get things done. It can severely hurt your bottom line if they're too busy goofing off or not getting things done. "Cultural fit is one vantage point that employers must consider, a wide lens, but it's not the only vantage point," Hyatt said. "A candidate doesn't just need to fit a company, they need to fit a team and a role. An individual could be right on track with an organization's vision and ethos and have none of the strengths or skills needed in a particular department or position." |
| Hiring Tips for a Multigenerational Workforce: From Baby Boomers to Gen Z Posted: 11 Jan 2021 04:30 AM PST  Generational differences influence how people communicate, think and work. There are four active generations in the workforce in 2021, each with unique characteristics and worldviews. For business owners and managers, it's vital to understand the characteristics of each generation, including what motivates them and their communication style, so you can successfully utilize the talents your multigenerational workforce offers to benefit your organization and other employees. What is a multigenerational workforce?A multigenerational workforce comprises workers from different generations. The generations are defined by major world events that occurred during their lifetime, as well as the general parenting style of the time they were raised. What generations are currently in the workforce?As of 2021, workers from four generations are active in the workplace: baby boomers, millennials, Generation X and Generation Z. Each generational cohort has its unique characteristics, values, and outlooks, and familiarizing yourself with each generation can help you create a collaborative, productive workplace. Remember, these are generalizations. Employees are unique, and you should treat your employees as individuals first and foremost. [Read related article: How to Manage Millennials vs. Gen Z in the Workplace] Baby Boomers (1946-1965)Baby boomers, those born between 1946 and 1965, are the oldest generation currently in the workforce. They range in age from 55 and 74. Many boomers have retired, or will soon retire, with the youngest boomers turning 65 (the average age of retirement) by 2029. The Vietnam War, the first Civil Rights Movement and Watergate were the major world events that helped shape the baby boomer generation. Many baby boomers do not have enough money saved for a comfortable retirement. Some baby boomers may work into their 70s. In terms of characteristics, boomers are generally known for:
Tips for managing baby boomersWhen working with boomers, provide clear, specific goals and deadlines, offer them mentoring opportunities where they can share their experience, and place them in team settings. Generation X (1965-1980)Generation X, often referred to as "the middle child," is the generation sandwiched between boomers and millennials. Members of Gen X range in age from 40 to 55. The major world events that shaped Gen X include the AIDS epidemic, the fall of the Berlin Wall, the invention of the internet and the subsequent dot-com boom. Gen Xers are known for being:
Tips for managing Gen XersAim to be efficient, provide direct feedback, and offer them plenty of independence and autonomy. Millennials (1981-1996)Millennials have been accused of being entitled, whiny and irresponsible, but the millennial generation has been influenced by drastic societal and socioeconomic changes. As of 2021, millennials range in age from 24 to 40 and make up a majority of the current workforce. The major world events that defined the millennial generation include the Columbine shooting, 9/11 and the advent of the internet. Some of the characteristics of millennial employees include that they are:
Tips for managing millennialsWhen working with millennials, get to know them personally, communicate in depth with them about their progress and output, and offer flexible work schedules. Gen Z (1997-2020)The newest members of the workforce, Gen Zers are between the ages of 23 and infancy as of 2021, and are the first true tech natives, having never known a world without the internet as it exists today. Gen Z is known for being the most diverse generation in American history. Major world events that defined Gen Z include exposure to violent events (Sandy Hook, the Boston Marathon bombing, worldwide terrorism), significant technological advancements, and the Great Recession. Gen Z's major characteristics are that they are:
Tips for managing Gen ZersWhen working with Gen Z, give them opportunities to multitask, provide lots of autonomy and self-direction and offer a solid work-life balance. What are the benefits of a multigenerational workforce?From diverse group knowledge to providing opportunities for your employees to learn from each other, a multigenerational workforce can be beneficial for your business. Four benefits of having a multigenerational workforce are:
What are the challenges of a multigenerational workforce?There are challenges with managing a wide range of age groups and making sure everyone's needs are met. These include:
Best practices for managing a multigenerational workforceDespite the challenges, there is plenty you can do to ensure a positive and productive multigenerational workplace. Here are some tips to help you:
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