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Tag: small business owners

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The Future of Business Process Outsourcing

business_process_analysis

Business process outsourcing (BPO) is a practice in which a company or organization contracts out specific non-core business tasks and functions to external service providers. Knowledge Process Outsourcing (KPO) goes beyond the routine and transactional tasks typically associated with traditional BPO. It focuses on activities that require in-depth expertise with specialized knowledge, analytical skills, and domain-specific insights.

KPO services can include market research, data analysis, financial and legal services, scientific research, and various forms of intellectual property research. These tasks often require a higher level of education and domain knowledge. KPO providers usually track professionals with in-depth expertise in areas like finance, law, engineering, healthcare, and more.

The influence of KPO on small businesses in Canada can be significant in several ways:

Access to Expertise

Small businesses may not have the resources to hire full-time professionals with specialized knowledge. By outsourcing KPO tasks, they can access the expertise they need at the time they need it without the commitment of in-house hiring.

Cost Savings

Outsourcing KPO tasks can be cost-effective. Businesses will only pay for the specific services they require. These cost savings can be especially beneficial for small businesses with limited budgets.

Focus on Core Competencies

By outsourcing knowledge-intensive tasks, small businesses can focus on their core competencies and strategic activities. That, in turn, will allow them to grow and innovate more effectively.

Scalability

KPO services provide flexibility and agility for small businesses to adapt to constantly changing market conditions. These services can be easily scaled up or down based on the business’s needs.

Competitive Advantage

Small businesses can gain a competitive edge by accessing high-quality research. Precise data analysis and other specialized services will help them make informed decisions and respond to market trends effectively.

Globalization

KPO providers often operate globally. They give small businesses access to a diverse talent pool, allowing them to tap into international markets and opportunities.

Risk Mitigation

KPO providers may offer risk mitigation services, such as legal and compliance support, to help small businesses navigate complex regulatory environments.

While KPO can offer numerous benefits to small businesses in Canada, there are also challenges to consider, such as data security and the potential need for effective management of outsourcing relationships.

Small businesses should carefully evaluate their needs, choose the right KPO partner, and establish clear communication and data security protocols to maximize the advantages of outsourcing knowledge-intensive tasks. Additionally, the specific impact of KPO on small businesses in Canada will depend on the industry, market conditions, and individual business strategies.

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Marketing is Not Just Posting on Social Media

marketing_objectives

Setting clear and achievable goals is a crucial step for marketers to drive success and measure the effectiveness of their efforts. Without well-defined marketing objectives, all activities can become scattered and less impactful. The main goals for marketers on social media are three: Lead Generation, Lead Nurturing, and Lead Conversion. And in this blog, we will dive deeper into these three objectives.

Lead Generation

It is the process of identifying and attracting potential customers, often referred to as “leads,” who have shown interest in a company’s products or services. The main goal of lead generation is to initiate consumer interest and capture contact information, typically through various marketing strategies and tactics. These strategies may include:

– content marketing
– social media marketing
– search engine optimization (SEO)
– email marketing, and more.

The generated leads are then passed to the sales team for further nurturing and conversion into paying customers.

Lead Nurturing

It is the process of building and maintaining relationships with potential customers or leads over time. The purpose of lead nurturing is to guide leads through the buyer’s journey, providing them with relevant and valuable information at different stages of their decision-making process. It is about telling a business story, or stories, in targeted and personalized communication. And here are some tools to use for lead nurturing:

– emails
– newsletters
– educational content
– follow-up messages

Through these communications, marketers aim to keep leads engaged, address their concerns, and move them closer to making a purchase. Effective lead nurturing helps to build trust, credibility, and brand loyalty, increasing the likelihood of lead conversion.

Lead Conversion

It refers to the process of turning a potential customer or lead into an actual paying customer. This occurs when the lead takes the desired action, such as making a purchase, signing up for a service, or subscribing to a membership. Lead conversion is the ultimate goal of marketing and sales efforts, as it directly impacts the company’s revenue and growth.

A successful lead conversion typically involves effective lead generation, nurturing, and a seamless sales process that addresses the needs and preferences of the potential customer, ultimately convincing them to complete the desired action.

To conclude, it is worth noting that the landscape of social media marketing is continuously evolving, and new objectives will continue to emerge. The choice of objectives also depends on the specific goals and target audience of each business or organization.

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A Customer Centric Strategy to Sales

customer_success

Sales and customer success are two interconnected aspects of a business. They both play a vital role in driving growth and profitability. Traditionally, sales have been primarily focused on acquiring new customers and closing deals. However, in recent years, the concept of customer success has gained significant importance in the business world.

In order to convince the customer that the sale is focused on their business success, one needs to adopt a customer-centric sales strategy that demonstrates a deep understanding of customer needs. It will also showcase how the product or service can genuinely benefit the customer’s business.

Here is a step-by-step guide for crafting such a strategy:

Research and Understand the Customer

Before engaging with the customer, conduct thorough research to understand their business, industry, pain points, and goals. You may use their website, social media, any available case studies, or testimonials to gain insights into their specific challenges and achievements. Visit their premises and gain insight into their work environment. And review their vision and mission statement to understand their company values.

Listen Actively

When interacting with the customer, be an active listener. Let them talk about their business, objectives, and concerns. By paying attention, you can identify opportunities where your product/service aligns with their needs. Show genuine interest in wanting to learn about their company and how they reached the level of success they are in.

Tailor Your Approach

Based on research and listening, customize the sales pitch. Praise the customer for the successes they have gained, and address the customer’s specific pain points and goals. And showcase how the offered product can help the company achieve its objectives, and increase its success rates.

Highlight Relevant Benefits

Focus on the benefits that are most relevant to the customer’s business success. How will the product/service save them time, increase efficiency, reduce costs, boost employee morale, raise revenue, or improve customer satisfaction? Use concrete examples, and show data when needed to back up claims.

Provide Case Studies and Success Stories

Share case studies or success stories of other clients in similar industries or situations who have achieved significant success using the offered product/service. This will definitely build credibility and demonstrate real-world application.

Offer a Solution, Not Just a Product

Position the offered product/service as a comprehensive solution to the customer’s problems rather than a mere commodity. Show how it integrates into their existing processes, fills gaps, adds value across their operations, and achieves company targets.

Offer a Trial or Pilot

If applicable, offer a trial period or pilot project. This allows the customer to experience the benefits firsthand without a significant commitment, building confidence in the solution’s potential to drive success.

Provide Excellent Customer Support

Show commitment to providing ongoing support and assistance to ensure that the customer achieves the desired outcomes. Reliable customer support enhances confidence in the salesperson’s dedication to their success. Don’t wait for the customer to ask for contact information or website, initiate providing the client with all information needed to facilitate their customer experience.

Focus on Long-Term Partnership

Express a desire to establish a long-term partnership with the customer. Efforts and interest in their continued success will resonate positively. By doing that, the customer will be more inclined to view the sales process as a collaborative effort.

Follow Up and Request Feedback

After the completion of the sale, stay engaged with the customer. Seek feedback on their experience with the product/service. Address any concerns promptly, and continue to explore opportunities to add value to their business.


Remember, the key to a successful customer-centric sales strategy is to genuinely care about the customer’s success. Demonstrating that commitment throughout the sales process and beyond will increase customer confidence. It will build trust and loyalty that leads to lasting and fruitful business relationships.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Branding: A Simple or Complex Process

branding

Branding is when we create a unique and distinct identity for a product, service, company, or individual. It involves shaping and managing various elements such as the name, logo, design, messaging, and overall perception associated with the entity.

Effective branding will help differentiate the offering from competitors. It will also aid in building trust and recognition among the target audience.  In addition, branding will give us the opportunity to convey the values and promises we want to associate with the brand.

To create our own brand, it is recommended to consider the following steps:

Define the brand strategy

Start by clearly defining the brand’s purpose, values, and unique selling proposition (USP). Identify what sets the brand apart from its competitors and the key messages intended to communicate.

Understanding the target audience and defining their needs is crucial for developing a brand strategy.

Conduct market research

Research the target market, including its preferences, demographics, behaviors, and competitors. This information will help position the brand effectively and tailor its messaging to resonate with your audience.

Create the brand identity

This involves designing the brand’s visual elements, including a logo, color palette, typography, and overall style. The brand identity should reflect the essence of the brand and extend an appeal to the target audience. It is recommended to hire a professional designer or agency if needed to ensure high-quality visual assets.

Develop your brand voice

Determine the tone and style of communication that aligns with the brand’s personality and resonates with its audience. It is important to consider factors like whether the brand should be serious or lighthearted, formal or casual, authoritative or friendly. Consistency in the brand voice across all communication channels is crucial.

Design the brand messaging

Craft a compelling brand story with key messages that effectively convey the benefits and value of the brand to its target audience. Clearly articulate what the brand stands for and why customers should choose that brand over competitors.

Build an online presence

Establish a strong online presence through a professional website and presence on relevant social media platforms. Consistency in visual design, messaging, and brand voice across these channels is important. Engage with the audience and create content that aligns with the brand values and that echoes with its target market.

Consistency in branding

Ensure that every touchpoint with the brand consistently reflects the brand values, from customer interactions to product packaging. Consistency builds trust and strengthens brand recognition.

Monitor and adapt

Continuously monitor how the brand is perceived and adjust branding developments accordingly. Collect feedback from customers and engage in conversations to scale the effectiveness of the branding strategies. Modify the branding as needed to stay relevant and align with evolving market trends.

Remember, creating a strong brand takes time and effort. Consistency, authenticity, and delivering on brand promises are key to building a successful and memorable brand.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Avoiding Mental Hindrances to Entrepreneurial Success

mental-challenges-for-entrepreneurs

As an entrepreneur, I can testify that entrepreneurship can be a very rewarding journey, however, it can also come with a load of mental challenges. Going into entrepreneurship may seem exciting and fun, but it requires qualities like resilience, courage, and balanced thinking. In this blog, I will list some common challenges that entrepreneurs face. And I will also give some suggestions on how to prevent or manage them.

Stress and Pressure

Starting and running a business can be highly stressful. Many elements of the work may contribute to mental fatigue. The pressure to succeed, financial uncertainty, long working hours, and managing multiple responsibilities can take a toll on an entrepreneur’s mental well-being.

To prevent unnecessary stress, it is important to prioritize self-care, set realistic goals, delegate tasks, and seek support from mentors, friends, or a professional network. Building a strong support system and practicing stress management techniques, such as exercise, taking time to relax, and practicing reflective thinking, can help alleviate stress.

Fear of Failure

As entrepreneurs, the fear of failure haunts us at times. Failing to meet goals, the denial of a bid or deal, and the fear of losing a major client; all are common challenges for entrepreneurs. Yes, the risk of business setbacks, financial losses, and the fear of disappointing oneself or others can be overwhelming.

To overcome this fear, it is crucial to embrace a growth mindset and reframe failure as a learning opportunity. Surrounding yourself with a supportive network, setting achievable goals, celebrating small successes, and learning from setbacks are key techniques to overcoming entrepreneurial fear. Remember that failure is often a stepping stone to success.

Isolation and Loneliness

Entrepreneurship is a solitary journey, especially in the early stages of building a business. The lack of colleagues around or the longing for a traditional work environment can lead to feelings of isolation and loneliness.

To prevent the effects of isolation, actively seek out networking opportunities, join entrepreneurial communities, attend industry events, or consider co-working spaces. Connecting with like-minded individuals can provide support, collaboration opportunities, and a sense of belonging.

Burnout

In order for entrepreneurs to succeed in launching a business, they have to put in long hours of work and sacrifice personal time for the sake of their success. This can lead to burnout. And suddenly we find exhaustion, decreased productivity, and loss of motivation setting in.

Preventing burnout requires awareness of setting boundaries, prioritizing work-life balance, and recognizing the importance of rest and relaxation. In addition, It is important for entrepreneurs to learn when and how to delegate tasks and establish a schedule that allows for breaks and leisure activities. Cultivating hobbies or interests outside of work will definitely help!

Decision-Making Overload

Entrepreneurs face numerous decisions on a daily basis. They find themselves constantly having to make important choices that range from strategic alternatives to operational matters. Decision fatigue can be exhausting, leading to analysis paralysis and poor decision-making.

To prevent decision-making overload, develop a clear vision and mission for the business, establish decision-making frameworks, delegate decisions when appropriate, and focus on the most critical choices. I personally find that seeking advice from mentors or trusted advisors can also help gain insights and support the decision-making process.

Work-Life Integration

Achieving a healthy work-life integration can be challenging for entrepreneurs who are deeply invested in their businesses. Entrepreneurs have the tendency to get consumed in their own world forgetting their human need for others.

It is important to set boundaries and establish dedicated time for personal life, family, and self-care. Schedule specific hours for work and stick to them as much as possible. Create routines that allow for quality time with loved ones and activities that bring joy and relaxation. Maintaining a balanced and fulfilling life outside of work ultimately contributes to the overall success of an entrepreneur.

While these suggestions can help lessen mental challenges, it is important to keep in mind that entrepreneurship is a unique journey. Our individual understandings of behaviour and surroundings may vary. My experiences and practices as an entrepreneur may be different than yours, and vice versa. Each one of us gets to walk our own journey. However, if one continues to struggle with persistent mental challenges, it is advisable to seek professional help from a therapist or counselor who can provide personalized guidance and support.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel has a collection of business videos that equip small business owners for growth.

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Digital Transformation: How to Transform Your Business for the Future

digital_transformation

Digital transformation is the process of integrating digital technologies and strategies into all aspects of a business. The main objective of this process is to fundamentally change how the business operates and delivers value to its customers. The practice will include rethinking and redesigning business processes, creating new business models, and leveraging technology to improve efficiency and effectiveness.

The typical outcome of a successful digital transformation is to improve customer experience, increase employee productivity, and drive revenue growth.

And here are some key steps to transforming a business for the digital age:

Define your vision and strategy

Start by identifying what the core values of your business are and how can technology support them. Then, define your long-term vision and strategic objectives. And finally, develop a roadmap that outlines how you plan to achieve your goals(*). The homework in this step is foundational, and we will discuss the details and how-to’s in future blog posts.

Create a digital culture

Digital transformation requires a culture with three pillars: openness to experimentation, risk-taking, and continuous learning. Empower leadership and all employees to embrace new technologies, and foster a culture of innovation.

Invest in technology and infrastructure

Evaluate your current technology supply and determine what needs to be updated or replaced. Invest in modern digital tools and infrastructure that can support your business objectives.

Streamline your operations

Redesign your business processes to streamline workflows and eliminate holdups. Use data and analytics to identify areas for improvement and automate repetitive tasks.

Engage with customers

Leverage digital channels to engage with customers and deliver personalized experiences. Use analytics to identify customer data and insights to tailor your products and services to their needs.

Foster agility

Digital transformation is an ongoing process that requires responsiveness and adaptability. Develop a flexible, agile organization that can respond quickly to changing market conditions and customer needs.

In summary, digital transformation encompasses more than just technology. It requires a fundamental shift in the way businesses operate and a commitment to continuous improvement and innovation. Work on transforming your business for the future and stay ahead of the competition in this digital age.

* Read the blog post titled “A Roadmap to Business Transformation”

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Reasons versus Excuses

resons-vs-excuses

What did I learn today as an entrepreneur?

Often, we offer a reason or excuse when something didn’t happen, or is not done.
First, let me start with my perception of the difference by defining each concept as I see it.
Excuse* – to me, this says, it was avoidable, and within our control to change the outcome.
Reason* – to me, this says, it was maybe not avoidable, but still within our control to change the outcome. Let’s look at Reasons versus Excuses.

*Disclaimer: I know and get there are other factors and circumstances where what I am sharing is NOT the case. Those instances are not what I am discussing in this article, but rather those situations where we have control of our decision-making processes involving our business.

Reasons versus Excuses

I want to pause us here and ask: Why is it we don’t spend as much energy on using a reason or excuse when something is successful, completed, or done? Is not the learning moment and evaluation of what led to the successes or accomplishments equally important as the time we invest in justifying why something did not happen or is not done?

When do we find ourselves articulating a reason or excuse?

Do we more often work on coming up with either of these when it comes to feeling the need to offer others one? Are we looking for empathy? Understanding? Justifying?

Do we in our own mind craft one for ourselves to make us feel better about the lack of a result?

I have finally come to the place where I won’t offer, volunteer, or blurb out a reason or excuse when something is not done, unaccomplished, or has not happened. It doesn’t change the fact! It doesn’t alter the outcome!

Don’t get me wrong – if I am asked, I will share my perception of why something has not gone as planned or has not occurred. Too often, however, I find the sharing of the reason or excuse is nothing more than providing myself or another party with the opportunity to play the ‘blame game’. This game does not, again, alter the outcome but boy how it can feed or deflate one’s ego! What are the differences between the words?

I’d love to hear your thoughts!

I do see the reason as being outside of our control happening, occurrence, and or the moment but that does not mean it has to dictate the outcome. We allow that. I see ‘reasons’ as being a problem and I try my best to live in a world where all problems have solutions. With this thought in mind when the reason appears, even outside of my control, I should be able to pivot around it and regain control to get the outcome I am needing.
Therefore, any reason and or excuse (for the most part) is not acceptable as to why something did not get done or occur.

I have started to phrase things differently. I feel this has been a huge moment in my personal and professional development, to be honest. I am at a place where I say (to myself), “This did not happen, and this is how I see it moving forward.” It takes the pressure from the disappointment and puts the focus on the forward movement. Movement is about finding a solution. That is powerful for both and all parties. Why linger on the “ugh” of what happened, or why it didn’t happen? Don’t we all just want to focus on the forward movement and momentum of how it is now going to take shape and occur?

Reason or excuse? Fact and movement? Let’s state the fact and get to the moving!

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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Make A Lasting Impact

entrepreneurial-fear

What did I learn today as an entrepreneur?

As business owners we drop the ball. As business owners we make mistakes. As business owners we screw up. As business owners our actions and our lack of actions has an impact. I intentionally put a period there after the word impact. Impact – PERIOD. This will not be a light and fluffy, heart-warming blog. This will be as real as it gets from many angles.

Recently I had a client trust me to do certain tasks for them.  Without a lengthy list of excuses and reasons – I did not get the said tasks done.

In my mind, this has created a Tsunami.  

Tsunami Definition: a long high sea wave caused by an earthquake, submarine landslide, or other disturbance. It can also be an arrival or occurrence of something in overwhelming quantities or amounts.

As business owners, we hear repeatedly the client is always right, and we need to see things from the client’s perspective.  From the client’s perspective, it is quite possible my name is mud! 

Now, I have not asked how they are feeling about my lack of performance, I have not reached out to take a poll or get the low down on how they are feeling.  I have not asked about their frustration level and or anxiety level centered around their expectations being crushed.  I have not asked.

Instead, I am assuming, and yes, I know what that word breaks down to be.  In my assumptive state I am thinking they will blacklist me; talk to everyone they know about how horrid “I” am.  See what I did there?  How horrid “I” am rather than how horrid my service was!  There is a difference.

So now I sit on an unfinished task, not communicating out of fear and waiting for the wave to hit me and leave me gasping for air.  That is what I can articulate on one level.  Yes, there are levels to this thing called business ownership.  Level 1 completed – I am waiting for the wave.

Level 2 is being played out simultaneously.  Level 2 looks something like this!  I go to bed every night knowing I didn’t face the ‘task’ or ‘client’ and thinking tomorrow I WILL!  I will make this as right as I can!  Level 2 includes me waking up every morning carrying the weight of I must get this done and how in the world do I even make this right now??  At this level I find I am equipped with no free hands because they are busy picking up every piece of baggage I can manage to find to carry.  The baggage of “I messed up”, “I failed”, “I disappointed someone”, “why do I do this?”, “who is going to do business with me now?”, “screw it”.

Crazy enough the point of this post is:  Yes, care for your client and how they feel but, dang it, as a business owner be attentive to how you are feeling and handling things for your own mental peace of mind. 

Failure is an event. 
Disappointing one is not disappointing all. 
Feelings change. 
LET IT GO! 
Stop carrying it. 
Come to a place of peace. 
I messed up and own it.  I can’t fix it and own it.  Move forward and OWN THAT forward movement.

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

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What I Wish I Knew When I Started This Journey

business-networking

Have you just started your entrepreneurial journey? Let me share with you some lessons learned.

I remember it like it was yesterday.

I was attending my first networking event as a new entrepreneur, and on the drive there, I almost talked myself out of going.

Public speaking wasn’t new to me. Before starting my business, I had built an award-winning 15-year career in public relations and corporate communications. I advised, wrote for, and trained managers, senior executives, and politicians on communication.

But this was different. This was me talking about me. I had no idea how challenging that was going to be.

When my turn came to introduce myself and my business, I stumbled through my intro. I felt wholly inadequate as I compared myself to other entrepreneurs in the room. I admired those who appeared confident, clear, and who knew exactly how they served. I wanted to be like them.

That day served as a touchstone moment for me. It showed me how much I needed to learn to believe in myself and I didn’t yet know-how. It provided me with the opportunity to see that entrepreneurship was a journey of becoming – a journey that’s not talked about enough, and one which new entrepreneurs would benefit from learning more about.

You don’t know what you don’t know, right? Here are three lessons that flowed out of that day that I wish all new entrepreneurs knew:

  1. No matter how awesome you were in your 9-5, entrepreneurship is a different beast. I don’t mean to scare you. The reality is in your 9-5 you had a specialized role. In your business especially at the beginning, you’ll wear many hats. Some you’ll master. Others you’ll need help with. You’ll learn. You’ll fail. You’ll get back up and adjust.

  2. You’ll come face-to-face with feelings of inadequacy. “Not enough” and “not worthy” will show up a lot. Avoid believing these stories. A large part of the entrepreneurial journey is learning to let go of self-limiting thoughts and beliefs, and continuously moving forward with purpose.

  3. You’re not alone. I developed relationships with entrepreneurs who were present at my first networking event. We talked about our challenges with growing confidence and learning what it meant to be an entrepreneur. We found comfort knowing we weren’t alone. There are many entrepreneur communities. Find yours and lean into them.

May these lessons serve you as they served me in the brave and fulfilling journey of entrepreneurship.

Submitted By:

Fazeena Haniff | CEO & Leadership Communication Coach | The Conscious Communicator hello@theconsciouscommunicator.ca  | www.theconsciouscommunicator.ca

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Personal Vs Business Expenses: A Key Decision

business image

A very important decision that small business owners regularly have to make is whether an expense should be considered a business expense or personal expense. This is a very important topic and can have a large impact on businesses when they come under scrutiny during a CRA review or audit. Many businesses do not have set guidelines or policies on making these decisions and owners often have to use their personal judgement when evaluating whether an expense is business or personal in nature. The CRA has very specific guidelines on criteria that businesses should consider when making these decisions.


The most important criteria would be whether the expense was incurred to earn income for the business. This is a very straightforward way of considering whether or not the expense is related to business activities. The logic is that the expenditure was necessary and vital to business activities. Using this metric will ensure that business owners will minimize their exposure by accidentally expensing items of a personal nature.

During a review or audit the CRA will review the general ledger and, should expenses appear that are out of the norm for the business’ core activity, ask why the expense was claimed. Failure to provide a good and clean answer will often result in the CRA agent digging deeper into the books and records of the company and will likely result in an unfavourable outcome for the business.

The importance of separating business and personal expenses appropriately cannot be overstated. If business owners use the criteria mentioned above, they will minimize their risk of having expenses disallowed during a CRA review or audit. If the CRA investigates and finds a large volume of personal expenses, not only will they be disallowed but the entity may be subject to non-deductible penalties and interest, and those responsible may have other legal consequences including further audits of the shareholders’ personal affairs.

Remember, if the expense was incurred by the business to earn revenue for the business, it is allowable. If it is at all questionable, professional advice should be sought or it should be considered personal in nature.

Submitted By:

Jonathan Carter, CPA, CMA | KATA Accounting Solutions Professional Corporation | (800)491-4803 | contact@kataaccounting.com | www.kataaccounting.com


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Meeting Customer Needs in a Pandemic Era

Meeting_customer_needs
Meeting customer needs: the objective of every business.

Listen as you read …

Are you one of the enterprises that had to remodel its business processes in order to stay operating during the COVID-19 era? Or are you still running your business in survival mode? Meeting customer needs in a pandemic era have been the focus of every business.

The Difference

Innovation in remodeling the business is what differentiates businesses that are meeting their monthly revenue from businesses that are struggling to survive. The Pandemic has changed lifestyles and closed businesses and the need to restructure and remodel the business will allow more room to meet customer needs. The pandemic has really hit the business community hard, especially in trades like food, events, and hospitality industries.

A Business Guide

Here are Four tips to guide the business as it innovatively remodels its offerings:

  1. Time to Reflect: Take time to reflect, evaluate and write down the current offerings of the business. It is very important to have a clear view of what’s current in order to identify the sudden change that took over since the pandemic started.
  2. Identify Changes: With an open mind, identify the changes that were imposed on the business. Keep a log in order to enhance clarity of the situation . Sometimes business owners find it difficult to embrace change. However, in the world of business, change has proven to be evident. In normal days business owners have to keep watch for trends and quickly adapt to the changes that come with them.  While the pandemic brought major changes to the business world, business owners still have to adapt and be open to alter their practices.
  3. Brain storm: Reflect on the list of changes that the business had experienced one at a time. Write down innovative remodelling ideas for the business.  It can be amendments to practices and operations, or it may be bringing in some new products or services. While brainstorming mark down creative and innovative ideas as they come to mind. And always keep customers as the target audience and core mark to the new model.
  4. Create a Plan: Now that all the facts are at hand, it is time to organize the collected data and edit the list of remodelling ideas. With that we are equipped to establish a readiness and come up with a plan. The objective behind that process is to implement change. Modifications that are geared to regain consumer confidence and recommence consistent growth for the business.

Summary

That exercise will restructure the business model to retain and acquire customers in a pandemic era. Once that practice is complete, and the business starts running with the new model, then it is time to craft a marketing plan that works in sync with the new changes.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. On our channel there is a collection of business videos that equip small business owners for growth.

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December: A Critical Month for the Small Business

pexels monicore

Entrepreneurship was very important at our home as my parents were entrepreneurs. And despite the rush and hustle that always came with the month of December, it was the month we enjoyed the most. My Dad owned a retail store on a busy street in the city of Beirut. And one of the most memorable times I have for December is when my siblings and I used to alternate to go and help my Dad at the store. That was always the busiest time of the year.  Yes, to some businesses it may be a busy month, but to others, it is the slowest time of the year. Whatever season December may mean for any business, it is considered a critical month to many owners and entrepreneurs. Many may not see it as a critical month yet, however, this blog may be an eye-opener to many!

Listen as you read …

Steps To Consider

If December is a high season for the business, get the help it needs to meet customer requirements. However, if it is a slow season and has a decline in sales, it does not mean that time spent on planning and doing admin work gets undervalued. Here is a list of tasks that can be done in December to prepare the business for a successful year ahead.

Evaluate:

Evaluate the calendar year not only in terms of sales but also in terms of operations and customer relations. Review business practices and learn from mistakes done. Take another look at the marketing strategy and determine what has worked best in creating visibility for the brand. Evaluate what was done to increase following. Review sales reports and try to follow patterns for growth. Research the achievements of competitors and learn from them.

Reach out:

Use slow times to reach out to customers and check on them. Send season’s greetings that reflect sincere wishes and promises for future work relationships. Send out a newsletter with wishes for a successful new year. Assure customers that your business will always be there for them when they need it. Reaching out to current customers is very important to increasing customer retention. Use the season as an opportunity to establish contact with customers, leads, and everyone on the mailing list.

Plan:

Yes, December is the time to plan for the new year. Write your vision and set business objectives. Break them into goals and set timelines. Research business and marketing trends. Sketch out a marketing plan so the business stays ahead in brand visibility.

Get Organized:

Prepare for January/February income tax filing. Catch up on administrative work. Follow up with the accountant in order to complete income tax filing in a timely manner.

If December is not the busiest season for your business industry, it doesn’t mean it’s a slow month. It’s up to the business owner to use it wisely and make it a time to prepare for a successful year ahead.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel is a collection of business videos that equip small business owners for growth.

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10 Essential Tasks for Year End

accounting

The year is quickly coming to a close, and many businesses are well underway with their Q4 prep. This is a crucial time to get organized, so you don’t miss an important item on your to-do list. To help you close the year off strong and start the new year off on a good foot, make sure to add these items to your list to tackle before year end.

1. Meet with your accountant or bookkeeper

Meeting with your accountant or bookkeeper prepares you well for the coming tax season and allows you to be proactive with your finances in the new year. Avoid the stress and headache of scrambling for receipts when tax time comes around. Use the meeting to ask questions, get organized, and create a system that will ease the overwhelm of bookkeeping.

2. Record all transactions

Make sure that all transactions up to the year-end date have been recorded, including unpaid bills and invoices. This is a good time to gather all of your receipts and get organized. The length of time this takes will depend on how organized you’ve been during the year.

If you’re finding that this step becomes overwhelming, speak to your accountant or bookkeeper about creating a system that will help you stay organized and maintain your books throughout the year. Take advantage of modern software and apps to easily store your supporting documents.

3. Do a bank reconciliation

It’s important to make sure that the transactions you’ve recorded match what’s on your bank and credit card statements. Quickbooks Online makes bank reconciliations much easier. Speak with your bookkeeper about this process.

4. Review your financial statements

This includes your income statement and balance sheet. You want to look for items that stand out to you or don’t make sense, including balances that seem too high or too low, large differences in balances from the previous year, and mistakes that you can correct before handing them to your accountant.

5. Check accounts receivable

Look through your list of invoices and investigate any that are outstanding. You’ll want to regularly go through your accounts receivable throughout the year to make sure that you are being paid.

6. Check accounts payable

Go through each item in your aged payables report and pay any late bills. Recording all of your appropriate expenses helps reduce your tax bill.

7. Check your inventory

Record what you have in stock and identify what sold and what didn’t this year. If your business only offers services, determine which services sold and what didn’t. This is a great way to establish a strategy for the coming year and focus on items in demand and discontinue the ones that don’t produce an adequate ROI.

8.  Prepare your tax documents

You can either prepare your income tax yourself or send over the documents to your accountant. A cloud-based accounting software like Quickbooks Online allows your accountant to access your business records online, making for a more streamlined and efficient process.

9. Plan for the new year

Once you’ve completed all of the necessary financial tasks and laid the groundwork for the coming year, you’re ready to strategize and build a solid plan for the new year. Whether it’s a goal to hit a certain number in sales, hiring for a new position, or strategizing a way that you can have more downtime, it’s essential to have a target to aim for. Be sure that your goals line up with your long-term objectives and that they are moving the needle for your business.

10. Take time to reflect

Often, business owners become immersed in the business’s day-to-day operations that the bigger picture takes a back seat. Going through the year-end checklist not only gives you a view of where your business is at, but it also gives you the opportunity to reflect – a critical piece of the puzzle when running a business.

Did you achieve the goals that you set out at the beginning of the year? Is your business providing you with the time, income, and joy that you had hoped for? Are you enjoying being a business owner? Taking the time to look back at all of what’s happened through the year helps you slow down and make the right decisions so you can hit the ground running in the new year. 

Submitted By:

Sal Rezai – Cloud Accounting Specialist, Advanced QuickBooks ProAdvisor & QuickBooks Training Advisor and Founder at: www.accountingbysal.ca | info@accountingbysal.ca 

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WHY SHOULD I STOP MULTI TASKING?

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Inspirational Quotes

“Productivity is never an accident, it is always the result of a commitment to excellence, intelligent planning, and focused effort”   Paul J. Meyer

Increasing Productivity

We only have a limited number of “productive” hours in a day. Making the most of these productive hours is key to success in any arena -and also a key to work/life balance, which we all strive for! Increasing your productivity is about getting deliberate about how you use your time! Here are a few tips that will help you increase your productivity: Assign how much time you are going to spend on each task and then track it and be sure to limit it. Even if you do not accomplish the task in that time – stop and move to the next. This will keep you on track and also make you use your time more efficiently. Take regular breaks! We seem to buy into the mentality that if we push on through we will just get it done and then it will be done – truth is that we are more likely to burn out, feel demotivated and stay stuck!! So make sure to schedule your breaks and take them and come back to the task at hand refreshed!! STOP multi-tasking!! While some think this is a strength and a productive way to work, it is actually counter-productive! It diversifies your attention from a task and so it ends up causing a loss of time and reduced productivity overall.

submitted by:

Tahira Bharmal, Success Coach at Authentic Factor. For more information please visit www.authenticfactor.com or email tahira@authenticfactor.com

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