How To Calculate Rate Of Return (ROR)

Knowing how well your investment performs is crucial in understanding if you’ve made a good purchase. One of the most common ways to evaluate investments is by finding out its rate of return. This is the net gain or net loss of an investment during a period of time. A rate of return is a percentage, positive or negative, of the initial cost of the investment. This percentile change is what is referred to as the rate of return (RoR).

As an investor, it is important to understand what RoR is and how to assess it. Any of your investments can be assessed this way, including stocks, bonds, or real estate. When thinking about an investment and assessing its RoR, investors look at rates of return from a past point in time and compare them to current similar assets to help evaluate the best performing investment. As you study and understand your investments more fully, you will begin to set requirements on the rate of return for your holdings.

There are several different formulas for evaluating the real rate of return, but the simple formula looks at the basic growth rate of your asset. This is also known as the return on investment or ROI. It would look like this:

[(Current value – Initial value)/Initial value] x 100 = Rate of Return

One of the considerations that this simple formula doesn’t take into consideration is inflation. The value and purchasing power of money is impacted by inflation. $10,000 in 1920 is not the same as $10,000 in 2020. If you only consider RoR without assessing inflation, you would be determining your nominal rate of return. When determining the real rate of return, you must take into consideration how your money’s value will be affected by inflation over time.

For real estate investments, you will utilize a mortgage calculator. If your intentions are to rent your property, you evaluate your income, expenses, and initial costs to help determine your ROI. When you’ve determined these figures, you can plug them into a formula to calculate your estimated percentage. You’ll also need to know your initial investment—the final value you spent on the down payment, rehab, closing costs, and all other upfront expenditures—to determine ROI. The equations to figure this out would be:

Income – Expenses = Cash Flow

(Cash Flow x 12)/Initial Investment = ROI

Calculating RoR on stocks and bonds varies from this. A big part of this is due to dividends. Let’s say you purchased a stock for $100. You held this stock for three years, over which period its value came to $135. During this time, you also earned $15 in dividends. You decide to sell the stock at $135 per share netting $35 ($135 – $100) and also earned $15 in dividends making your total gain for the stock $50. Your initial investment was $100, thus making your RoR 50%.

The final rate of return I want to bring to your attention factors in the compound annual growth rate (CAGR). The CAGR determines the mean annual rate of return during specific periods of time over a year. It aims to calculate growth throughout several periods of time.

CAGR is determined by dividing the investment’s value at the end of a specific period by its initial value during the same period. That number is then raised to the power of one and divided by the number of periods you are evaluating minus one.

Calculating RoR can help you to make determinations on your portfolio, evaluate the historical return on potential investments, and determine the cash flows for your assets. It’s good to regularly check your RoR to make sure your investments are continuing to produce the rate of return you expect from them.

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Choosing A Webcam For Work And Communication In Video Chats

2020 was marked by the rapid transition of people around the world to remote work. This fact, in turn, has changed the principles of communication for many people. Instead of lively communication, millions of company employees switched to online communication. And if in some situations communication via email or in messenger is enough, in other situations you can’t do without video communication.

Services like Skype, Zoom and Discord have become indispensable. And in order to fully use them, you need a good webcam. Of course, if you use a laptop or tablet with an integrated camera, this question is not too relevant for you. In other cases, the choice must be approached carefully. We’ll talk about this today!

Choosing a webcam for video chatting and random chats.

It would seem that a webcam is a very ordinary peripheral device, the purchase of which should not be taken too seriously. Indeed, if you need it only for rare communication in random chat, this is completely justified. But if we talk about the workflow, the situation changes radically. There are a number of points that you need to pay attention to.

1. Sensor type.

Usually this characteristic is not looked at during purchase. But it is one of the most important ones. There are two types of sensors:

CMOS — it consumes very little energy and reads information faster, but is prone to noise and interference. Fast-moving objects are blurred.

CCD — consumes more power, but produces a better image. The interference is noticeably less even in poor lighting conditions. But the cost of webcams with CCD sensors is higher.

If you are willing to pay more for quality, give preference to cameras with CCD sensors.

2. Pixels.

Everything is simple here – the more pixels, the better. The picture will be clearer and more detailed. We do not recommend buying a camera with a resolution of less than 3 megapixels. It should be at least 5 or more.

3. Image resolution.

The rule is the same as in the previous paragraph. Large resolution provides a better picture. Previously, 640×480 pixels were enough. But now there are big monitors everywhere. Therefore, choose cameras with a resolution of at least 1280×960 pixels or more.

4. FPS — frames per second.

The minimum allowable value is 30 frames. If it is smaller, the picture will be interrupted. You can consider options with a frequency of 60 FPS. The main thing is that your Internet connection is fast enough and works without interruptions.

 5. Type of focus.

There are three types of focus:

•  manual focus, where you must manually twist the focus ring depending on how far away you are from the camera;
•  with autofocus, which adjusts itself and takes into account your position relative to the camera;
•  with a fixed focus that remains unchanged.

The most expensive are webcams with autofocus. But they are the most convenient and give a sharper picture. Manual focusing is already archaism, which should be abandoned.

6. Mounts and clamps.

One of the most popular things is a webcam with clip-on mounts. They are easily attached to the side of the LCD monitor or laptop cover. There are desktop counterparts. Usually on a mini tripod. They can be installed on almost any flat surface. They are also quite comfortable, but if you put such a camera on the table, you will always have a bottom view. This is not for everyone.

7. Motion detector and swivel mechanism.

We shall immediately point out that for most ordinary users this is already an excess. But if you use a webcam for online conferences and presentations, this feature may be useful. The camera will follow and turn after you. This is convenient if you are constantly moving in the frame. For example, if you approach the interactive whiteboard during a conference.

Several additional recommendations.

Remember that not only image quality, but sound clarity is important. In almost all modern webcams, microphones are installed by default. A big plus will be the presence of a noise reduction function that eliminates extraneous sounds during a call.

If you are buying a new webcam for chat, follow these guidelines:

1. Choose products of famous manufacturers: Logitech, Sven, Genius, A4Tech and others.

2. Do not buy used equipment. New cameras are not so expensive to save extra. In addition, a guarantee from the manufacturer is a highly recommended thing.

3. Pay attention to password-protected models. In this way, you can restrict access to the camera by strangers.

4. For video chatting with strangers, give preference to cameras with the function of recording in low light conditions. It is possible that in the evenings the only source of light will be your screen. Not all webcams can handle this.

In most cases, when you connect the webcam to a computer, it is immediately identified as a new device, and the system independently downloads and installs drivers. If this does not happen, visit the official website of the manufacturer and download the drivers for your operating system manually. After installation, everything should work properly.

Important! During the first launch of video communication applications, as well as when entering the random chat website, you should see a window allowing access to the webcam and microphone. If you are not sure of the reliability of the website or application, in no case do not give such permissions. Also, we recommend installing an antivirus for greater security if you have not done this before.

Lastly, your experience with chatting using a webcam largely depends on the equipment used. Therefore, do not buy cheap equipment. Make sure that your interlocutor is comfortable talking. Do not forget that even the most expensive “webcam” will not give high-quality images and sound if you have a weak Internet connection. Therefore, try to connect to high-speed Wi-Fi or even use a wired connection if possible.

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How To Start A Tobacco Alternative Business: A Step By Step Guide

Tobacco alternatives are a hot commodity these days, with so many smokers looking to turn away from the harmful habit. Companies like Black Buffalo have shown us that tobaccoless alternatives are real, effective, and affordable, and now there’s an emerging market you might want to get a hand in.

If you’re thinking about starting a tobacco alternative business, we’ve put together this short guide on the step-by-step process. It all starts with an idea.

Start With An Idea.

Everything starts with an idea. The idea acts as the foundation of your business, growing from a small seed to a budding profitable entity with the right care and attention. That being said, an idea by itself isn’t enough; you’ll need to perform some research to see if your idea would even attract an audience or have a place in the industry you’re looking to work in.

Look for gaps in the market that you can capitalize on. Even if you’re doing something similar to your competitors, the key is to do it better or with more originality. Expect fierce competition in pretty much any market you enter, but don’t let that stop you, either.

Don’t Forget About Big Tobacco.

If you’re stepping into the tobacco alternative space, you’re going to have to deal with big tobacco as a direct threat to your business. Make no mistake; big tobacco will do everything in their power to make their products more relevant, seem “safer” and more desirable, and downplay tobaccoless alternatives. After all, big tobacco has been earning billions of dollars for nearly 50 years now, and they’re not about to stop.

The tobacco industry has a lot of money invested in their products, advertisements, and also in the right places to ensure they keep their profits. While tobacco lobbying has, luckily, declined in the past few years as greater awareness about their harmful products comes into the spotlight, they’re still a juggernaut to be reckoned with.

You’ll be taking on one of the oldest and largest industries in the country, and that’s no easy task. You’ll need to have a top-notch product to make an impact.

Quality Is First and Foremost.

The quality of your product should absolutely be your first priority. The quality of what you’re selling will make all the difference in your success. If you’ve ever purchased something you felt you didn’t get your money’s worth for, you understand the pain of poor consumer choices. Give your customers not only a product they’ll remember but an experience they won’t forget.

The success of tobaccoless alternatives lies in their likeness to tobacco products. For example, tobaccoless chew is so popular because it looks, feels, tastes, and even smells like the real thing! You can hardly tell the difference, but it isn’t tobacco, so life-long tobacco users are making the switch for the sake of their health.

Embrace Feedback.

In the early stages of development, you might get poor feedback on your product. Don’t take this as a personal slight, but rather constructive criticism for the sake of building a better product for your customers. Even if the criticism comes directly from your customers, it’s not designed to tear you down. It’s easy to take criticism personally, but listening closely to it is the only way your business will be able to grow and adapt to industry changes and customer needs.

Follow Laws and Guidelines.

You’ll need to research any laws or guidelines regarding your product before you design your packaging. The FDA may require you to provide certain information or warning labels. In the case of nicotine, you must disclose if your product has nicotine in it, as well as provide a warning label regarding the addictive properties of nicotine.

This is simply to protect the consumer and let them know that the products they’re purchasing could potentially cause addiction. The FDA has plenty of rules and regulations regarding tobacco, but very few for tobacco-free products. Do your research, and get in touch with the FDA to ensure you’re in compliance.

Build Relationships.

Don’t make the mistake of thinking you can launch an entire empire by yourself. Success in any industry requires relationships. Strong relationships can help your business thrive during tough times, expose you to new opportunities, and provide you with a solid support base for your entrepreneurial dreams.

Don’t Neglect Your Employees.

The biggest mistake you can make as a new business (besides neglecting the customer) s neglecting your employees. The way you treat your employees can make all the difference in your productivity, as well as the relationship you share with your team. Treat employees well, offer benefits when you can, and pay them fairly for their labor. Don’t become one of those shady businesses that treats its employees poorly; you’ll pay for it one way or another later.

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The Beginner’s Go-Getters Guide To Selecting The Ideal EHS Software For Business

Did you know that dedicating one’s extra time, effort, and resources to a business isn’t enough to run a successful business enterprise? In the wake of technological advancements in the business frontier finding automation solution and being in the know-how of the latest innovations in the way to go. Technology is a backbone for any business success, and you need not take things to chances. The environment, health, and safety field is one that might benefit significantly from an EHS software upgrade.

However, choosing one might be an uphill battle if you hardly know what you need to look at for a start. Here’s a novice guide to choosing the best environmental, health, and safety (EHS) software.

Know the business stakeholders.

While searching to find the ideal environmental, health, and safety software, you need to ensure that every person is on board. You should meet with your enterprise stakeholders and connect with them each step of the way. They need to be in the loop concerning every outcome as they have a say in everything that goes around. It would help if you talked to the EHS team, the technical team, the security team, consumers, and section and departmental heads. It widens your scope of getting insightful options concerning the software and how you will approach it.

Your business needs.

While trying out to have the best software system, you need to approach various EHS software agencies and subscribe to the free trials to see if it matches your business venture. You have to communicate with their experts, share your company’s data files, among other things. You’ll find that some agencies avail subscription-based EHS programs.

The fascinating thing about the software integration process is that it offers one a chance to centralize its database. Thus, you avoid the time-consuming and taxing process of streamlining the company’s data. You need to test-drive the software so that you can see if it’s the perfect fit for your enterprise needs.

The need to change the existing workplace behavior and customs.

Here’s another critical element that you should factor in a while choosing the best software. It’d be helpful to select software that the industry leaders are in favor of all the time. All soft wares aren’t similar; therefore, not all can fir a particular program that is already in existence within the organization. The idea of changing gears might meet some resistance for a while. However, the best way is to approach it with an open mindset as innovation will boost production in the long haul. You will need to invest in some training as well as a startup. For the software to become fully integrated and accepted, there needs to be constant business analysis and adjustment to suit its needs.

The infinite functions of a splendid environmental, health, and safety software is an excellent investment for any business that seeks to stand out amongst competitors. To get the best EHS solution, you need to choose the ideal EHS software agency and pay attention to the tips above. Thus, you’ll get to reap the benefits of using the software as your business enterprise soars to greater heights in a cost-effective, efficient, and safe manner.

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How Smart Assistants Went From Pocket Devices To Managing Offices

by Roland Polzin, MBA and Co-founder of Wing AI

Computers are not yet actually smart. They process language based on predefined patterns and return results based on what humans have already programmed them for. They slowly will get better, however, their limitations will remain significant until virtually any possible way of requesting something can be properly understood and processed. This is something that we will probably not see within the next 15 years.

In addition, not everyone has the privilege of having a real personal assistant due to high costs. Personal assistants are often hired to prepare decisions and information for managers and take care of miscellaneous tasks for busy executives and CEOs —  who all earn higher incomes.

Busy people need help — especially when they are working for a demanding organization where they need to dedicate their time to high-level decision-making rather than tedious tasks. In fact, according to a McKinsey report, workers surveyed are looking to spend less time on repetitive manual tasks, and want to dedicate more time to meaningful aspects of their work.

What is the Role of Technology?

Due to advancements in technology, assistants are now becoming a common good — even for businesses — and are no longer limited to the high-earners. According to a survey conducted by DELL Technologies, 82% of surveyed managers expect integrated teams to consist of employees, machines, and systems in the next few years. Ultimately, artificial intelligence will free us from any tedious work.

While smartphones have made us more productive by giving us tools for research, organizing our travel, or getting food right at our fingertips, conducting those activities still takes a degree of time and energy.

Technology has come so far that we can essentially have a dialogue with our phone. Chatbots have attempted to reduce friction for exchanging information primarily through implementing voice recognition. When we ask our Alexa device “What’s the weather like?”, we usually get a perfect answer. Even sending texts or navigating other smartphone features can work like a breeze. However, as soon as the question or request is out of the ordinary, or requires more complex work, we are left to ourselves to figure it out.

Humans & Technology Side-by-Side.

With the unforeseeable end of COVID-19, we have to find sustainable solutions to challenges like working remotely, operating under a crunched budget, and dealing with more work and remote teams.

It would be great to live in a world where a Jarvis-like Alexa can take care of anything remotely while also being dependable and self-sufficient in its actions. Unfortunately, we are not there yet. However, there are a couple of alternatives to tackling these challenges, one of which is to invest in a virtual assistant (VA). VAs can take over work essentially like a remote intern – they can source office supplies, conduct research, or handle data entry.

There are countless VA services out there that offer outsourcing opportunities for almost any type of work and sometimes at a fraction of the cost of an employee. Most VA companies bill by the hour or have some sort of time contingency that can be used over the course of a month. While this option is good for short gigs due to no upfront costs, it can be expensive for continuous or recurring labor. Alternatively, individual VA contractors can be hired for a monthly salary, or workers for short gigs can be found via Fiverr or TaskRabbit.

While these options have their pros and cons, they all have one thing in common: their work is based on human labor. To bring today’s technological advancements to this space, there needs to be an integration of technology and human labor to bring affordability and dependability together. With the combination of skilled human labor and artificial intelligence, almost any task or request can be addressed in a fast and cost-effective way. In turn, logging expenses and invoices, scheduling and setting reminders, CRM management, and any time-consuming work will become the responsibility of virtual assistants.

The Future of Virtual Assistants.

While some technology investment in software might help teams greatly to be more productive, many tasks do require businesses to employ people to do the job. However, with the combination of top-notch artificial intelligence and human understanding, the decision is not between a technology investment or a full-time hire anymore —  it can be a mixture of both. While we are in the early stages of technological development in the virtual assistant space, a Jarvis-like computer that does all the busy work for small businesses is not too far away. And by being faster, more accurate, and much more affordable, this will be a game-changer for small businesses across the board.

 

Roland Polzin is co-founder and the CMO of Wing AI, and a 2020 MBA of the Paul Merage School of Business at UC Irvine. Before his business career, he served as an officer in the German military for 12 years where he held several leadership positions such as Chief PR Officer for the German Army and Chief Communications Officer for the United Nations Peacekeeping Mission MINUSMA in Mali.

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Best Practices In Relocating Your Millennial Workforce

Here’s a staggering fact: Millennials (Gen Y) make up the largest generation in the current workforce. This has impacted the way organizations run their workspaces in a way that skews towards technology, collaboration, and flexibility.

This being said, companies need to change the way they conduct relocation practices. According to an article in SHRM, the majority of HR managers report that millennials are the hardest generation to relocate as they don’t see relocation as a priority and have different requirements and goals in mind.

As relocation is crucial in retaining top talent and company culture in a new area, we’ll take a look at some of the best practices you can conduct in order to relocate your younger, vibrant employees. 

Give Them More Autonomy.

A stark contrast between millennials and the generations before them is their preference towards being in control. They want their employers to cooperate with them rather than decide on all the details. 

In the context of relocating, 78% prefer making the arrangements using their company’s stipend.

However, managing the logistics of relocation is no easy task, and dealing with the issues in mind can be a hassle for HR teams. 

Organizations hire companies like ARC that provide industry-leading relocation services to guide employees throughout their movement. Employees are given the opportunity to set their preferences and have expert support whenever they require it.

Tailor Relocation Packages To Their Interests.

Millennials take pride in their emphasis on health and wellness. Seeing how they grew up in the age of information and social media, it’s no surprise that health and wellness came second after family in terms of what’s most important.

Unless you can offer an attractive relocation package, you don’t stand much chance in relocating your younger workforce. Here are some ideas you should consider:

• Comprehensive health insurance
• Memberships to health facilities
• Rewarding them for their effort rather than hours clocked
• Easy and free access to healthy snacks and meals in the workplace
• Flexible work hours

Within the spectrum of millennials, there are the early and late millennials. They belong within the same generation with overlapping values but may have different needs. 

For example, early millennials are more mobile, energetic, yet they are ready to leave if they don’t feel valued. Their older counterparts are usually settling down, starting a family, and looking into becoming homeowners.

The more you can specify your benefits, the better your chances of retaining your workforce.

Provide Opportunities for Career Growth and Support.

Millennials are willing to relocate if there is an opportunity for career growth and development. They don’t want to be in the same position for the next few years and won’t think twice about job-hopping if they’re unsatisfied. 

Offering them mentorship programs with industry experts and business leaders is a great way for them to remain loyal to the company. It’s a win-win situation for both parties as your employees will gain valuable knowledge and insight and they’ll be able to transfer this into your company’s overall productivity.

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Pieces Of The Same Puzzle: How Business And Marketing Plans Work Together

by Annabel Maw, Director of Communications at JotForm

A marketing plan is integral to the success of any growing business. A company can have excellent products, but no one will ever know they exist if they’re not promoted well. Marketing bridges the gap between a business and the rest of the world, communicating a product’s offering, bringing in customers, and generating sales — but that bridge needs a sound strategy as its foundation.

 

Whether you’re trying to expand your marketing team, get your business off the ground, maintain momentum, or secure outside financing to expand, a marketing plan is essential. Although a marketing plan is key to running a successful business, it’s not a substitute for a business plan; the two strategic documents have distinctly different goals and serve different purposes.

 

Business Plans vs. Marketing Plans.

 

A business plan outlines a company’s overarching vision and goals. It provides a broad look into a company’s staff, operations, structure, and finances, and it can show lenders whether a business is financially stable and sound. The smartest companies use business plans not only when they’re new and working to establish market share, but also when they are well-established. No matter the stage, business plans keep companies competitive and aligned.

 

A good marketing plan, however, is just one piece of an overarching business plan. By detailing a company’s target markets, competitive analysis, and tactics used to generate customers through an array of marketing methods, it shows how that company can overcome challenges and find success in its industry.

 

How Marketing Plans Complement Business Plans.

 

The main goal of a marketing plan is to answer key questions: Who are the customers? What should your marketing achieve? Which marketing tactics will help you reach that goal? How much money needs to be allocated to marketing for you to meet your goal? Defining the elements of a good marketing plan will give you a strong foundation to answer each of these questions — and to achieve overarching business goals.

 

A good marketing plan should be more than just an extension of a business plan. The two plans should complement each other, depend on each other, and grow together. If a business plan changes because company goals shift, the marketing plan should adapt accordingly.

 

It’s smart to review these plans regularly to ensure they are dynamic and in sync. A company should review its business plan at the beginning of each fiscal year and its marketing plan at least once per quarter. This keeps strategies updated and goals consistent.

 

What Does a Good Marketing Plan Look Like?

 

To create a stellar marketing plan that matches your business plan, follow these five steps:

 

1. Align your goals.

Every marketing plan should be rooted in a solid, well-formed business plan. It needs to outline actionable goals regarding how marketing will help the business achieve success. Because of that, ensure the goals in your marketing plan align with the goals of your business plan.

 

2. Analyze everything.

When it comes to building your marketing plan, analyze every aspect you possibly can. Audit your entire website. Scour online communities that mention your brand. See what your competitors are doing. Check in with your customers. The more you analyze, the more of an expert you’ll become. The more of an expert you become, the better your plan will be.

 

3. Balance proven tactics with new ideas.

Your marketing plan should strike a balance between innovative ideas and tried-and-true approaches. Certain marketing tools have proven their value — SEO, for example. But to complement those established approaches, use cutting-edge tactics that showcase your creativity. As you gain insight into what works and what doesn’t, you can iterate and improve.

 

4. Answer the “why.”

If someone were to ask “Why?” about every point in your marketing plan, you should be able to provide an answer. Question yourself when creating the plan, making sure you have an explanation for everything. Not only will this help you understand your ideas better, but it will also help you communicate the plan to teammates and company leadership. Pro tip: Answer the why directly in your plan for easy reference when somebody asks.

 

5. Communicate with stakeholders.

Once your plan is complete, roll it out to all stakeholders involved. Organize a companywide meeting to explain the plan at a high level, and then host smaller, more intimate gatherings with anyone directly affected. Your team members should be crystal clear on the tactics you’re asking them to use and their roles in executing the plan. Finally, make sure a copy of the plan is available so anyone can access it at any time.

 

It’s important to understand the difference between a business plan and a marketing plan, but it’s even more important to know how the two work together. With clearly aligned goals and thoughtful strategies for execution, your business and marketing plans will drive success.

 

Annabel Maw is the director of communications at JotForm, a popular online form builder that’s on a mission to make organizations more productive and people’s lives easier. This all-in-one data collection solution is perfect for gathering, organizing, and analyzing important business information. With more than 7 million users worldwide, JotForm is a trusted global brand that’s growing every day.

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Very Easy Ways To Save Money In Your Office Right Now

It is not at all easy to survive in the business world these days. This is especially the case when you need to save cash. Countless brilliant business ideas ended up failing simply because of improper cash management. Due to this simple fact, the importance of saving money cannot be underestimated.

Fortunately, there are different things that you can do in order to save cash. However, regardless of what you choose, make sure that you have a good accountant that you can trust handling your books. This offers the legal protection you need. Besides this, here are some tips to help you save money in your office right now.

Negotiate.

The more business experience you have, the quicker you figure out that everything can be negotiated. This is why you should never settle for the initial price that you are offered. Talk with the landlord and try to negotiate long-term deals. Because of the fact that you will have an office and you will stay there for a long time, you will most likely be offered a discount.

Obviously, not everyone is good at negotiating. This is where the help of an experienced real estate agent is invaluable.

Use LED Lights.

It is always a good idea to replace all the regular light bulbs you have in your office and take advantage of the quality offered by LED lights. You can so easily end up saving a lot of money in the long run by making this simple modification. Keep in mind the fact that you will have lights open in your office for a very long time. This is why you should consider LED options, like LED shop lights or can lights.

Take Advantage Of Online Advertising.

Online advertising is much more advantageous than regular advertising options. You can easily end up with a huge online exposure for a fraction of the price you would pay for options like TV ads. Also, you should realize the fact that your target audience, regardless of what it is, spends time on the internet. You just need to find ways to reach it.

Online advertising can be done in various different ways. One of the most common options is using social media advertising. This is something businesses of all sizes can consider and afford.

Reduce The Supplies Used.

Usually, businesses make the huge mistake of ordering the quantity that is recommended when it comes to office supplies. Usually, this means that a large part of the inventory is lost because it is never used.

Most business owners think that office supplies do not really count. After all, a stapler does not cost much, but when you buy 10 instead of 1, you lose money. Every dollar counts when finances are limited.

Always Control Expenses.

One of the easiest ways to lose track of business finances is to not be aware of what you spend money on. The truth is that when you do not have experience with accounting and controlling expenses, the best thing you can do is outsource this service. At the very least, you should hire someone that can keep your expenses in check. This is much more valuable than you might initially think and it helps you save a lot of money.

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How To Establish And Grow A Welding Business

There is something intoxicating about working with your hands. Whether you’re an electrician or a plumber, being a craftsperson can be exhilarating and fulfilling. However, if you want to start a welding business, it’s not enough to know how to roll up your sleeves and weld. Turning that handiwork into a business requires strategy and another skill set.

You’ll need to be a skilled contractor who is also stable on the business end of things. Now that you’re ready to branch out on your own and take that giant step into entrepreneurship, there are certain principles you should apply. What’s the next step? Read on to find out.

1. Market your business.

Behind every successful business is a good marketing strategy. Whether you have a large or a small business, putting the proper contractor marketing plan in place is paramount for any construction business to succeed. Remember, we’re in the digital age and there are many good ways to get the word out there. The construction industry may not seem the most glamorous, but it’s up to you to look for ways to sell yourself. Think about email marketing or social media using tools such as Facebook ads.

That being said, if you’re looking to solidify your brand and web presence, search engine optimization (SEO) is a must. Potential customers are more likely to discover quality sites designed in line with the best search engine practices in place. The good news is, a company like Contractor Gorilla can help on that front. It’s not all about website design with them; they also help you implement high quality, results-driven digital marketing strategies. Moreover, they offer a full-service contractor marketing plan that will help create a good online user experience. Once signed up, you can expect a professional-looking, fully optimized, high speed, contractor website that sits high on Google’s search results.

2. Get the right equipment.

You could be the Leonardo da Vinci of welding, but your business will suffer without the right tools. Depending on the type of welding you’re planning to venture into, you’ll need top-notch equipment. Plasma machines make sense right across the board, as they’re a great way to streamline operations. If you’re new to the game, Messer Cutting Systems offers all you’ll need to get started. It’s one of the few companies that offer state of the art thermal cutting equipment and technology.

In fact, Messer Cutting Systems are global leaders in the manufacturing of cutting-edge technology for the metalworking industry. What’s more, their durable thermal cutting machines also work well on conductive metals such as aluminum, mild steel, stainless steel. That said, you’ll obviously need more than a plasma cutter. A pair of safety glasses, as well as welding wire and pliers, are just as essential.

3. Check your finances.

As an entrepreneur, it’s essential to know how to manage your finances. It all starts at the beginning so lay a good foundation, and you’ll notice that things are more straightforward. If you’re not great with figures, then employ an accountant to ensure that everything is on the up and up. This is an effective way to keep your business is in order. After a couple of months in, you should be able to gauge how well you’re doing by looking at profits and expenditures. Based on that, you can make further plans to ensure that you get on the right track to a profitable business.

4. Take care of the logistics.

There is more to running a business than meets the eye. It all begins with forming a legal entity. It’s not just about opening a business account; it’s even more critical to register for taxes to avoid any penalties in the future. Then there’s business insurance — a necessity, regardless of the line of work you’re in. Altogether, do put measures in place to have the right permits and fortify your business. With all this done, you can focus on running a thriving welding business without worrying about forms and legalities.

5. Develop a sound business strategy.

A lot of people can’t see the big picture when going into business. It’s not all about online marketing and finding your niche. You have to ensure that there is a sound, organic strategy on the ground. The best way to start is to make sure you think of all the ins and outs and that they’re all in line with your overall business goals. You should also have business cards at the ready for possible opportunities. Also, when it comes to strategic planning, it’s serious research. So be ready to roll your sleeves up for some mental work. This process is all-compassing and will involve identifying your target market, plans to drive in new customers, increasing your brand visibility, and more. In the end, though, it will all be worth it when you’re running a powerful business that you can be proud of.

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Mid-Pandemic Marketing 101 For Professional Service Companies

by Mike Donaldson, Carol Eversen, and Slade Kobran, CMOs at Chief Outsiders

Professional services have always been a people-to-people business, but now the industry is in a situation where professional interaction has radically changed. This represents a tectonic shift — in the services provided, the way they’re provided and business development efforts.

Same Clients – New Behavior and Expectations.

Over the past few months, many professional services firms have taken a hard look at what’s different and what they need to change to keep their revenue growth engines running strong:

• They’ve realized that without face-to-face meetings, it’s harder to understand their client’s current needs
• They’ve learned that the focus may be substantially reduced in some areas of practice — yet increased in others
• They’ve been forced to consider alternate business development strategies

From law firms to consultancies, client behavior has changed and expectations are different. Some are looking for flexible payment terms, some want to see new and innovative service offerings.

Given this shift, what can a midsize professional services company do to understand changing customer needs, express their value and sell their services differently?

Insight Gathering for Mid-Sized Firms.

To understand what’s changed with customers, businesses need to ask them. Gathering direct input and determining what clients are looking for will help CEOs know how much to pivot.

When collecting customer feedback, start with the biggest clients—those that have the best relationships with the company. Find out what’s impacting them now with digital survey tools to collect valid insights quickly. Insight gathering surveys should:

• Ask targeted questions — to the right people
• Ask for their opinion on new ideas
• Ask about their business
  • What has changed?
  • What’s important now?

This tactical approach is required to gain knowledge and given the pace of change businesses need to be agile when putting insight into action. Check back frequently with customers to keep the proverbial finger on the pulse of the market.

Develop Meaningful Value Propositions.

Fundamental questions to the value proposition are literally, “What do you do?” and “How are you unique?” Businesses must provide clarity around what they actually do backed by relevant proof points, which strengthen the firm’s position.

In the past, CEOs could meet in person and take time to explain their value proposition. Now, the message about how companies add value needs to be up front—clearly stated on the website homepage. A value proposition should address:

• What exactly does a business do?
• What are the business’s capabilities?
• How is the business different?
• Specifically, what’s unique about what the business offers?
• What do people believe about the business?
• Is the business talking about itself in a way that is credible?

New Rules for Remote Business Development.

Without face-to-face client interactions, professional services need to focus on top of the funnel activities that will drive new leads and conversations. One proven tactic is to publish thought leadership content relevant to current insights. This will equip sellers and executive teams with talking points for client conversations. As business development teams tire of Zoom calls and presentations, businesses need to give them new ways to engage people. Some firms have built virtual business development toolkits for their sellers, some have created COVID-19 resources to share with clients.

Content also needs to be designed for digital—strategically and thoughtfully placed to meet clients and prospects where they are now. Digital content strategies go beyond websites, ads and SEO — businesses also need a solid social media distribution plan. When developing digital content strategy consider the following:

• Who are you trying to reach and what do they need to hear?
• What can you say that they need to know right now? It can’t just be “buy from me” or “here’s information about my products”
• Why should customers listen to you?

The buyer journey for professional services is complicated — it’s a people business backed up by technical expertise on things that clients often don’t understand. At the best of times it’s challenging to differentiate offerings and form client relationships. With today’s environment, it’s even harder.

Across the board, professional services firms need to take a new approach to gather insight, express their value in terms of today’s market demands and ultimately, provide existing and new customers with services and information they want and need — where and when they want it.

 

Mike Donaldson, Carol Eversen, and Slade Kobran are CMOs with Chief Outsiders, the nation’s leading fractional CMO firm focused on mid-size company growth. They work with financial services companies to solve seemingly inextricable growth challenges.

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Ways To Drive More Sales To Your eCommerce Website

The goal of every online store owner is to make sales, but as you know, it is not just a case of hitting the publish button and seeing the dollars roll in. The competition in the eCommerce sector is high. It is also high among many niches, so how do you break through the noise?

One of the most effective ways to gain traction for your venture is eCommerce marketing. There are several funnels in any marketing strategy to explore, and it makes it one of the best ways to experiment with what works and what doesn’t for your budget. Some marketing tactics are easier than others to implements, while some take time and patience. To answer some of your questions about general eCommerce marketing and why it is useful, we have several ways to drive more sales that take the stress out of trying to find your customers.

The basics of eCommerce marketing.

To understand the tactics used in marketing for online stores, you need to grasp the basics. Ecommerce marketing is a strategy that ultimately helps you push conversions. However, there are several elements that all work in harmony. Ecommerce marketing is made up of techniques that utilize both on and offsite avenues. You can use these elements to promote your business products or focus on your message as a whole.

Using an eCommerce strategy not only helps to drive sales but also builds a brand image, reputation, and customer loyalty.

So now we get onto the handy tactics to use to push more sales through the door:

Introduce a content marketing campaign.

A great way to get your website in front of the right people is to create fantastic content. An eCommerce shop doesn’t have to just list products; it can feature a blog too. This helpful content is an ideal way to focus on keywords for your website and strengthen your position in search engines. Think about answering consumer questions, creating shareable graphics, and incorporating interactive elements. Guides and downloadable eBooks are also a great way to keep people interested.

Content marketing doesn’t just focus on onsite copy either, offsite is just as important. Guest posting on external websites specific to your niche is a great idea to boost your position as an expert in the field. This also assists with your SEO efforts as high authority sites can improve your ranking factors. However, this strategy shouldn’t always be completed for the SEO benefit. The main focus is on improving your network and brand awareness. In turn, this will drive more people to your site and organically increase earned links.

Upsell products to new and existing customers.

Instead of always going after new customers, why not target existing ones with an upsell opportunity. If you think about some of the simplest forms of this, such as when you order at the drive-thru, and they ask you ‘do you want to supersize your order?’ Most of the time, you say yes, without even thinking. So, try and incorporate this into your marketing strategy.

Depending on the products, there are different ways to achieve this. It could be introducing different levels of products such as a basic and luxury option. However, it is also important to remember to keep the upsell element in line with the related product. There is also the aspect of ensuring any upsell products are also suitable for the price point for existing customers; otherwise, they won’t buy it.

You’ll see this marketing technique used across many brands. For example, if you’ve ever purchased a laptop, it’ll give you options for more memory or processor capability (which is the upsell feature). On the other hand, you’ll almost always have the option of additional accessories for your laptop (also known as cross-selling).

Leverage Instagram for sales.

You can’t get away from the fact that most people have an Instagram account. It’s one of the fastest-growing apps, and a brand can amass thousands if not millions of followers if marketed well. On your page, you can use Instagram features to tag products and market to people that are following you. There are tons of features such as video, stories, and now reels to create interactive content. This app also has an eCommerce function that enables you to take customers directly to your online store or the integrated Insta shop. This creates another conversion method rather than relying on customers to visit your bio to click through to the store.

Another fantastic element of this platform is that it generates tons of user’s content. Research has said that people are more likely to buy products or services if they’ve seen online reviews and reviews. Instagram opens up a massive opportunity for this. People will generally tag a brand they love on social media, and you can then share this with your audience as proof that people regularly purchase and are happy with your brand.

Ask a marketing expert.

The world of eCommerce can be a hard nut to crack. While there are many avenues to explore, they can be costly if you’re unsure where to start. To get you moving in the right direction, why not think about partnering with an eCommerce & Amazon Marketing Agency. This is an excellent option for anyone new to marketing. You will have advice and expertise on hand to guide your strategy to ensure you get the most from your budget. They will also audit your existing marketing efforts and gauge area to improve to save you money. Marketing agencies have a wealth of knowledge and experience. Choosing a specialist in eCommerce is a great way to gain better conversions in a fast and effective way.

Use abandoned cart software.

An abandoned cart means that someone has gone through to the checkout phase on your store, and for some reason decided to leave without checking out. In short, no business wants this to happen. Some of the common reasons it happens are high shipping costs; the customer has to create an account and trust with payment details. While it’s essential to address all these types of issues for customers, you can also bring people back with abandoned cart software.

If the customer has got to the stage of entering details such as an email address and then clicks away, the software can trigger an email to remind them; they forget something. You can use this opportunity to add an incentive to come back and buy, such as a discount on the cart items.

Utilize email marketing.

Email marketing is one of the most effective marketing channels for conversions. With this strategy, you are marketing directly to people that have signed up to hear about your products and services. It also adds an element of personalization to marketing, as you can tailor campaigns based on what people’s interests and previous purchases were. Regular newsletters will keep your brand at the forefront of the customer’s mind when they want to purchase. However, ensure that you’re not bombarding them at all times.

Newsletters don’t always have to be used to promote products and services. They are also an excellent tool for gaining feedback and distributing important brand news. The main aspects to always remember are to try and make email marketing relevant to your customer database; otherwise, they’ll unsubscribe.

Create a good user experience.

There’s nothing worse than a complicated online store. If an eCommerce shop or Amazon.com Brand Store is challenging to navigate, lacks a search function, and is poorly designed, people will click away in an instant. Simply put, make it as simple as possible without being uninteresting. Websites shouldn’t be overcomplicated or fussy, plus they should also be easy to use on mobile. Many people look at sites on their smartphones and often come through emails and social media, so your desktop site has to translate well on a mobile screen. Every function should work well, and page loads times should also be short to avoid customers leaving the site.

Optimize your product pages.

Even if somebody is looking for a particular product and they find it on your site, they still might not buy it, but why? Product pages can sometimes look overcomplicated and call-to-action buttons ill-placed. To ensure consumers put the item in the cart, you need to audit and optimize your product pages to push the sale. Use conversion rate optimization (CRO) techniques to take an unbiased review of your site. This will help you identify if people hit a sticking point on the page that distracts from checking out. It’s always a great idea to get several opinions on what’s working and what’s not. A specialist marketing agency is a great way to provide assistance and expert advice on CRO.

These are some of the ways to drive more sales to your online store. By incorporating these into your marketing strategy, you can begin to develop a deeper understanding of customer’s needs and wants to improve conversion rates.

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Online Dental Marketing Checklist For All Startup Practices

Investing in a property for starting a new dental practice involves a lot of money, time, and effort. It can be the turning point in your dental career. Here you wish to have maximum patients to visit your dental care so you can provide them with quality dentistry they deserve. However, there are various things to consider when you think of crafting a business plan, and one of the most important is online dental marketing. It helps you achieve success for your dental practice.

But, it is often seen that most of the startup practices do not consider marketing. They put it on the least priority list while thinking there is nothing to market if don’t have a business license. However, avoiding dental marketing for 60 to 90 days before opening your startup practice may delay your future success. Therefore, to boost your new dental business success, start marketing first.

Marketing Checklist To Consider For All Dental Startups

1. Branding.

While starting a new dental practice, you need to finalise practice name and tagline for it. Ensure to get the proper brand name as it is essential for your practice’s recognition. Also, register a domain name for your dental website that suits your business name. Overall, branding is the process of researching, developing, and applying features to your dental care so that patients can associate with your dental services.

2. Logo Designing.

Designing your business logo is essential as it helps grabs the attention of customers and create a strong first impression. A logo is a symbol that represents your business. Without an attractive and professional logo, your website cannot be completed. It distinguishes your dental practice from the competitors. Therefore, having a recognisable and familiar logo goes a long way in building brand loyalty.

3. Website Development.

A responsive dental website not only provides contact and location details but also offer vital information about your services that patients are searching on a search engine. However, searching terms like “dentist in Melbourne” is the first step that patients take when in need of any dental treatment. Thus, it is better to have a WordPress website built by a digital agency that understands the needs of dentist SEO and web design services.

4. Search Engine Optimisation.

Ensure to launch your dental website at least two to three months ahead to get the results when implementing SEO strategies. Here a digital marketer starts blogging, share content to social media channels, and optimise online directories. SEO marketing allows your site to appear in Google searches for dental services your practice provides. However, SEO is not the fast result providing marketing tactic, but it will inevitably show results in the long run.

5. Google Maps.

Google maps allow a new dental practice to market to their potential patients in a specified locality. Also, it is a free service and costs less than other traditional marketing options. Claiming your business on Google maps increases online visibility while letting patients know that your dental practice exists. Also, it creates many opportunities for your business.

6. Social Media Advertising.

Social media advertising is one of the vital strategies of digital marketing. Here the marketer creates your social media pages on Facebook, Instagram, YouTube, and Twitter. Also, they invite targeted people to follow your social pages to grow your audience base. From sharing a new dental practice journey, posting photos of dental services to introducing a unique team of dentist, all are the activities included in a social media campaign. Overall, through social media marketing your dental practice gain popularity while targeting potential customers.

Bonus: Invest Appropriately.

Invest in call-conversion training for your dental practice front desk team. It is essential to understand your patients better and provide them with what they want. This way, you can boost your business growth. You can also offer insurance plans for dental services as 50% of people do not have dental insurance. Even you can invest in call-tracking technology to measure the leads generated by every marketing source.

Wrapping Up.

Sometimes finding the right dental marketing company specialising in startup dental practices can be challenging. It is because you can easily get lost among many choices available for dental marketing agencies. However, by searching online and comparing quotes and marketing strategies that suits your needs can help you get the right digital agency. Overall, consider the above mentioned digital marketing checklist and start with it to welcome new-patient appointments the day you open.

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7 Advertising Design Trends In 2020

In 2020, we are witnessing the beginning of a new era in advertising design, and big changes in trends. Advertising design is more than poised to reach new heights as design professionals begin to redefine a new way of creating display advertising. There is a feeling that anything is possible, that we are about to witness the next evolution of advertising design as we know it today. Although it may take a while for what is really to come, the main trends in advertising design or display ads can be glimpsed.

Whether you are a design professional, or if you are thinking about training and dedicating yourself to it, these are the trends in advertising design you have to know.

1. Cyberpunk color schemes.

Punk and cyber aesthetics have their place in advertising design trends this 2020. This year we will see bright colors and very bold and saturated combinations. The reason? Brands want to stand out from their competition, and they do so by applying a very bold color palette. In graphic design, futuristic themes are often expressed in color, especially bright, oversaturated hues that we don’t normally see in nature. These colors are associated with cyberpunk, a science fiction genre that generally depicts dark, futuristic cities full of neon lights, as in the movie Blade Runner.

2. Advertising with street art style.

This is another of the advertising design trends for this year. The graffiti and street art techniques have a retro appeal for advertising, as it evokes, images of the punk scene of the 70s, neon 80s and the 90s plus grunge. But in 2020, this style is back stronger than ever. The return of street art to graphic design is a fact. With its inherent nonconformity (given its association with vandalism), graffiti is also used in advertising to break the rules and show disruption.

3. Ultra fine line geometry.

As a fundamental element of graphic design, lines express the shape and nature of an object. Geometric lines illustrate human-made objects, while curved lines represent more natural and organic shapes. In 2020, we see designers merge these line styles to achieve impossible shapes. The designs are based on a stable geometry, but still manage to express an ethereal feel: they appear metallic and robust, but they fade like smoke. Ultra-fine line geometry is elegant, abstract, and difficult to achieve without the aid of a computer. This style seems to be the future of technology, and makes us see the possibilities that await us in the coming years.

4. Paper cutout collages.

Designers always try to create authentic experiences for users. What better way to do it than with this type of piece? Collage makes it easy to open advertising to new landscapes, and to create unexpected relationships between graphic elements. This is another of the trends in advertising design for this year. In 2020, designers mix images that clearly do not belong to the same universe, such as illustrations and photographs. By being able to manipulate photos without problem, they leave images with the angular edges and the white outlines, which come from the fast and unrefined cut and paste. Thus, it is possible to divide the line between contrast and harmony, uniting these disparate elements in a kind of asynchronous beauty.

5. Fonts “by hand” with a lot of personality.

Typography has always been a basic element of graphic design, also in advertising. In the digital age, when everything must make immediate sense to new users, typography has become very functional out of necessity. But, in recent years, it’s gotten bigger, bolder, and more experimental in ways we haven’t seen since the print ads and magazines of yesteryear. The designers prove that even a composition that is limited to white space and text can be incredibly suggestive using the right typeface. In 2020, the trend for a larger typeface will continue, but in a more humane direction. Custom hand lettering is already extremely popular, and branded typeface will continue to be more colorful, imprecise, and eccentric.

6. Dystopian aesthetics.

Dystopia refers to fictional, futuristic worlds that have taken a wrong turn somewhere in their history. In design, dystopia finds expression through cool color schemes, mechanized typography, glitch art techniques, and imagery that melds technology with organic matter, or excludes humans from the scene entirely.

7. Vintage is still here.

No trend list would be complete to mention vintage. What makes 2020 unique is hyperpastiche – designers won’t relive one specific era, but almost all of them. Whether Victorian or Medieval, past art styles are fused with modern designs in a massive chronological collage.

Are you attracted to the world of advertising design and digital communication?

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