Moving Forward After Funding Failure

One of the toughest things about starting or sustaining a business is finding funding. Whether for a startup effort, an expansion, product development, or more aggressive marketing, every business needs money, and many times that means outside funding. There are a few ways to get outside money for your business:

  • Traditional Business Loans: Available from banks, credit unions, or small business administration and government loans, these are traditional ways of funding. Essentially, a business takes out a secured or unsecured loan and pays it back in installments with interest.
  • Venture Capital/Angel Investors: This funding comes from individuals or groups who invest in businesses in exchange for a percentage of profits and a portion of the proceeds if the business is sold or stock options if it goes public.
  • Crowdfunding: A relatively new method for business, this is when you use platforms like Kickstarter to get funding from those who are interested in your product or service.
  • IPO: When a company sells stock that is publicly traded.

There are other methods of internal funding and less conventional funding like seeking loans from friends and family. Essentially, for all of these different methods, you must prove that your business has either made money in the past or has the potential to make enough money to be worth investors’ time and money.

None of these methods of funding are guaranteed. So what happens when you go after funding and you don’t get it? Here are some keys to moving forward after funding failure:

Evaluate What Went Wrong (If Anything)

Depending on the type of funding you were seeking, there could be a number of reasons you did not get it. It is a good idea at this point for you to see the same issues lenders saw so you can fix them if possible. If it is not possible to fix the issue, then you might have to reconsider your growth rate or even your business idea. Here are a few things that could have gone wrong:

  • Your Personal Credit Score Is Too Low: When your startup is new, your business has no credit rating of its own. Everything is tied to you as the business backer. If your credit score is not stellar, a lender might see your business as a credit risk.
  • Your Pitch Did Not Inspire Investors: Investors hear a lot of pitches, and you should simply be prepared to hear “no” a lot.
  • Your Business Model Needs Work: While your idea might be great, you also need a path to making money, and yours may need refining before you apply for funding. You also may be losing money in ways that are not obvious to you but that investors see. Look for funding holes and repair them.

In his book, Lost and Founder, Rand Fishkin, founder of MOZ, reminds readers that when it comes to business, 5 in 10 will fail. Three of those that succeed will only make a small amount of money for investors, and two will make up for all the rest. Venture capitalists and even banks are looking for those two.

Even LegalZoom failed in their initial IPO before raising $500 million in their latest round of funding, which was designed to give current investors liquidity and move on to investors with a longer term outlook. Even large, successful companies have failed to get funding from time to time. Sometimes, it’s nothing you did wrong at all; you may just have asked the wrong people or at the wrong time.

Evaluate Where You Are Without That Funding

Just because you did not get this round of funding does not mean things are over. It is likely you are not out of business, but you will have to evaluate where you are now, as disappointing as that might seem, and where you need to go from here.

The first thing to do is look at your earnings now. This can also help with the previous step and determining what went wrong. Good accounting practices let you see if you need to scale back growth, return leased equipment, or take other steps to keep your business going. One of the most important steps to this is looking at your current cash flow. What kind of money do you need to cover your daily operations? Do you have that money coming in?

Secondly, look at why you wanted or needed that money in the first place. Was the need immediate, or was it to finance future projects that can be put on hold? If the answer falls into the second category, you can take some time to evaluate those projects and look for alternate funding sources or even shift your company focus.

Seek Other Funding Sources

No matter how you tried to get funding, there are other sources. If venture capital failed, you may have to look at loans. If one or both of those failed, you may want to look more creatively at some crowdfunding options. You may even simply want to look at other investors or banking options.

In business, a “no” often simply means you are that much closer to a “yes,” and that is no different with funding than with anything else. If one thing did not work, try another one. If you heard no, ask someone else, or reset once you have determined what went wrong and fixed it, and then ask again. This means expanding your network and practicing your people skills and sales pitches at conferences and wherever you go.

Even after funding failure, business is about moving forward, even if that means stumbling forward for a bit until you can get on your feet again. There’s no time to stop and wrestle with regret. A business that is not moving forward is already moving backward. Determine what went wrong if possible, take stock of where you are now, and seek other funding sources. This “no” may simply be one more step on your way to a “yes” and a successful round of company funding.

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How to start your own Healthcare business?

Have you been planning to start your healthcare business for a long time? Are you unable to gain the proper comprehension for initiating the business in this field? If the answers are yes, then you don’t have to worry now as the article will be including the information of the aspect.

All you have to do is going through the information given below.

Tips for starting healthcare business

Gathering information about the business aspect

A lot of people who are intending to initiate their own business make their biggest mistake as they plan to get into it without even collecting the appropriate information. It is vital that if you want to run a healthcare business, then you must initiate from gathering the data.

Without gathering the information, you cannot expect that the business is going to be successful and will give you any results. You must be able to look after the finances so that beginning is smooth. Make sure to research about the business and situation in the market. You can even get in touch with the service providers of insurance.

In this day and age, there are consultants available offering the guidance that is priceless in regards to money. You can hire them for attaining the benefits. Therefore, before planning for the business, you need to be assured that all of the information is gathered.

Determine the structure of your business

The second step for your healthcare business is identifying the structure for your business. Healthcare is a business where one needs to ensure that everything is structured in an organized and adequate manner. Because if the structure will be inadequate, then expecting the enhanced result from the business is difficult.

healthcareitskills

You need to focus on the structure of the business equally like gathering the information. You need to assess that what sort of structure you intend for the healthcare business.

Deciding the business planning and strategy

Business plan and strategy is significant if you intend for the successful results. You must initiate making an idea of the business that is detailed. Make sure that the method includes identification of the requirement, CPT codes information with the anticipated reimbursements.

You must also include assessing things like what you should charge, anticipated growth rate, plan for business development and the strategies for marketing. All of these things are very essentials for starting healthcare business.

Location hunting

Once the other discusses steps are followed, then you need to search for the location where you can set up the business. There are a lot of things which you require considering while looking for such as a suitable area, distance from the populated area etc.

You need to see that the healthcare services are easily accessible to the patients. Also make sure to consider the prices, local reference sources, competitors in the location, and options for parking, accessibility and local demographics. Once of all these things are ensured then carry forward with the plan.

Get the paperwork done

The paperwork is significant for any business, and same is the case with the healthcare industry. Getting the paperwork done beforehand is something that safeguards you from any legal issues in the future. If you are planning to settle the business as a sole proprietor, then you should use your SSN or social security number for the tax.

simplybusiness

You can also contact businesses that specialize in insurance and get all things finalized for covering your business with the excellent policy of insurance. There are other things you require taking care of such as credentials, medical coverage, forms for patient etc.

Develop policies and procedures

Developing the policies and procedures in a proper manner is again an important step. You should ensure that once the paperwork is done, then you work on developing the policies and procedures. It will include policies for patients and staff.

Policies and procedures developed for the business help in confirming that the business is following the professionalism.

Recruit and hire staff

Another step that you need to accumulate in the healthcare business plan is recruiting and hiring the staff. Set the proper criteria and make sure that you hire the professionals. You can also hire freshers but then for settling the business this is not a good idea.

hswstatic

You have to ascertain that hired staff is not only professional but also expert in their field. Always keep in mind that employee satisfaction is equal to the customer satisfaction. So, you need including specific policies but also ensure about covering the benefits for staff as well.

Funding

You require deciding about from where you must get funds for the plan of your business. You can consider taking small business loans as they are helpful for settling up your business at the initial level. There are a lot of banks and monetary institutions providing these loans.

aaabusinessfunding

Funding is an essential step for any business so it must be properly planned. Thus, as we all know that healthcare business requires investment, so you also need funds for the successful plan.

Marketing

Marketing the business is one of the significant steps for any business and so is for healthcare as well. There is massive competition in the market; you must promote your business efficiently and proficiently. It is essential so that your business can reach out to the physiotherapist gold coast vast number of customers or patients.

You can also consider planning a website design for the healthcare business. It wouldn’t only help you in gaining more customers but also will help you in the better promotion for your business.

Put it all together

Starting a healthcare business can be, but with the appropriate plan and strategy, it is not that tough. First of all, you need require focusing on your project and dream as only then you can reach the level of success you wish for.

Tips mentioned above or steps are something that would help you in accomplishing the success for business you have been planning for a long time.

7 Design Tips For Your Startup Office

Workspace is not merely the place where people work, but it is a microcosm of its own. The design of an office space is by all means not trivial, especially for startups. For them, every little detail can make or break the newly founded company. Office space design can be used not only to boost productivity but the much-needed creativity which guarantees that the product or service provided by the startup will be a hit in the market. We have compiled a list of 7 design tips that you can use for your startup.

Colors

Choosing the right overall color is interior design one-on-one. When it comes to office space, then mild colors are the way to go. You can choose a shade to your liking, even orange or yellow. However, don’t implement tacky colors as they will distract the employees from the work beforehand. The safest option would be the color grey and all of its numerous shades. This can be coupled with brown furniture or black and white wallpapers.

Plants

Although office space is usually located in an urban area, that does mean that nature is unwelcome here. There should be plants all around the office if nothing, then at least small potted ones. If you really wish to make the space verdant, then use climbers that can be placed near window areas. They will act are sculptural ornaments and help the employees relax by reducing stress levels. This increases productivity and has many more benefits for the workforce.

Plenty of light

Placing plants in the office will ensure there is enough air, but there should be plenty of light as well. If the office is way high up in a skyscraper, make use of this by keeping the window panes unobstructed. Dim spaces make the workers sleepy or moody which is not the effect you want to achieve. Also, try not to pile up stuff inside the office since the impression of spaciousness and airiness is lost.

Mats

Your office should be trendy and modern. Believe it or not, but floor mats are the latest trend, so make sure they are in front of every door. Their sole purpose is not only wiping feet, but there are anti-slip and anti-fatigue mats as well. If the workspace is dangerous in any way, you might consider placing these around the hazardous area. Also, you can order personalized mats that the best employees could choose the design for each month, for example.

Books

Walls can be perceived as canvases for artwork, but there is an even better way to cover them. Order customized shelves that will be stocked up with books, and a lot of them. This will add to the uniqueness of the space and individuality you wish to develop in your employees. Additionally, they will have the opportunity to peruse through the books they like during the pauses. If you have trouble acquiring the books in large quantities, go to the local library, books are written off all the time. Some of them are even vintage-bound, which is another design point to adhere to.

Vintage and modern

If the office is all vintage styled, then you are turning it into a lounge for hipsters and not much work will be done. On the other hand, if it’s all modern, then it becomes too sterile for any creative work to be carried out. The answer is not in the extremes but in the balance between vintage and modern elements that will add a touch of luxury to the space.

The meeting room

So far, we haven’t discussed particular rooms inside the office. The reception desk and lounge areas have their importance, but it is the meeting room that should receive the most attention. This is the places where important decisions are made and where productivity and creativity should reach their peak. Design this room separately by choosing different colors and furnishing it differently from the rest of the office. If possible, make it more luxurious as well.

From the color palette to wall decorations, a startup office should be all about balance. Interior design should reflect the work-life balance you wish to accomplish in your employees. This way they will have a chance to be creative and show their full potential. Properly decorating the office space should be an integral part of any startup’s business strategy.

The Top 5 Reasons Why Sales Training Fails

When most people hear the word ‘sales’ the first thing that comes to their mind is ‘persuasion’. Yes, it is true that salespeople need to be persuasive in order to sell their products. However, it is difficult to persuade someone without understanding them first.

There is a science behind persuasion, and its Psychology. Knowing and understanding what is going on inside a customer’s mind is the key to finding the right timing, with the right words to say, to sell.

Having that said, don’t deep your toes into the water without these key takeaways of the infographic from Healthy Business Builder which details the 7 sales tips to understand the psychology of customers:

  1. Customers make decisions emotionally
  2. They’re egocentric
  3. Customers look for value
  4. You can never force them to do anything they don’t want to do
  5. People are suspicious by nature
  6. They want to experience the product immediately
  7. Most people are copy cats

To learn more about the 7 tips to understand the psychology of customers, check out the infographic below:

The Top 5 Reasons Why Sales Training Fails

 

10 Most Common Accounting Mistakes of Small Business

Many of us already know how time consuming and also expensive the errors are in accounting, if you make a mistake in the financial statement of your small business. You definitely need to stop making some common accounting errors to protect the small business of yours. Find an Local Accountant in UK, to do the accounting tasks of your small business for you.

As according to Buzz2fone.com, accounting error is very common but one should avoid any mistakes. There many things one can do to avoid this

Here are 10 common mistakes you should be avoiding:

  • Errors in Data Entry

All business transactions you record have to be complete and accurate. With erroneous information entries in account books, an inaccuracy of financial health becomes prominent. You will file government forms incorrectly which can lead to penalties.

  • Omission Errors

If you fail to enter a business transaction it will result in serious accounting mistakes. As you haven’t recorded some business expenses, it can lead to no tax reductions.

  • Too Much Time Spending on Tasks

Wasting too much time in an accounting process is not applicable as that time can be used to generate revenue. As you are small business owner you must focus on how to bring more money to your company.

  • Trashing Receipts

If you throw away any receipts, it destroys the proof of any transaction which might be required in some time. Receipts are required to show consistency in accounting books. To prepare for an audit, receipts are very important.

  • Mixing Business and Personal Funds

You must avoid using same accounts for both personal and business purposes. It can create mess your finances. Confusion of transactions will be big and it will be very difficult to handle.

  • Assuming Profits and Cash Flow as Same

When you are managing your finances you must treat the cash flow and profits differently. Though both cash flow and profit deal with the income and the expenses, measuring of money is different for them. Sometimes business owners confuse these two and think that they have more money than they actually do.

  • You Haven’t Reconciled Your Financial Books with the Bank Statements

Do not forget to make entries in your account book every time. You must double check your books to ensure their accuracy of data. When you fail to reconcile your finance books, it could lead towards such errors that might stay unnoticed for a longer period of time. It becomes harder to correct the mistakes if you leave them for long time. You can catch the mistakes earlier with bank statement reconcilation.

  • Failing to Go with the Budget

It is important to plan ahead of time but when it comes to running a business people often overlook that aspect. It is easier to plan your next move if you create a budget. Budget focuses on your goals. It helps to increase profits. With budget you get know where your money is coming from and also where it is going to. Adapting to change becomes easier for you if you make a budget.

  • Not Measuring The Progress

Never forget to notice the bigger picture of your business. You must know how you are doing in your business because otherwise you won’t be able to improve it. When you measure your business performances, you can spot both weak and strong points in your process.

  • Ignoring Signs of Needing Any Help

You must know when it is time for you to pass your accounting responsibilities to Accountants Services in UK. As your business grows you must delegate your tasks. You don’t earn money from accounting even if you invest time in accounting. Pass your bookkeeping responsibilities to an expert.

 

Tips for Successful Conference Networking

In order to do well in any industry, you need to know and have the support of the right people. No matter how independently you work, people are the key to success in every endeavor. Although chance encounters do occur, you don’t always meet the right people at the right time.

However, you can increase these chances by setting up a booth at a conference specific to your niche. With different influencers in your industry congregated in the same area as you, the odds will be more in your favor for developing these mutually beneficial relationships.

Being at the right place doesn’t necessarily mean all these things will happen, though. You’ll need the networking and conversational skills to back you up when you meet a potential customer or partner at a conference too (even if you’re a bit more on the introverted side). Here’s what you need to know to up your conference networking game.

Don’t Skimp on Booth Design

A lot can be said about a person by the way they design their booth. When you have a booth at a conference, how your setup looks is just as important as your own wardrobe. No one will want to start a conversation with you if you look like you put no effort in your appearance.

The same is true for your booth. If you put little work into the aesthetics of your booth design, you won’t attract many people — especially if it looks like it was made the night before or is bland in style. In order to catch people’s attention, you’ll need booth banners and a striking design to flag people down.

Remember, your banner and booth materials are an extension of your brand. If anything is incongruent with your brand image, people will be confused about who you are and what you’re doing at the conference. So double check the colors and and fonts you use match the same ones as your business and other marketing materials; you always want to be more proactive than reactive.

Keep things simple and easy to read as well by designing your booth in a way that showcases what your business is about. Don’t let your message get lost in a cluttered design. Also have your audience in mind when creating your booth and banner.

Use graphics and language that appeal to your target audience so that your setup is the one they’re attracted to the most. Look into applied psychology and color theory, too, and see which shades and hues communicate the message you want your company to evoke while still being pleasing to the eye.

Have size in mind as well and make sure the promotional materials you use are large enough to catch a crowd’s attention while still conforming to the size restrictions of your booth area. Placing your booth in a good light doesn’t hurt either by utilizing lighting equipment that accentuates your display and brings attention to areas you want people to see most.

Overall Best Conference Practices

Once you’re at a conference, it won’t do hoping for the best that the right people will come to your booth. You need to prepare and devise a plan to best utilize your time at the conference. By first seeing what the conference’s schedule is, prioritizing and managing your time for the workshops and panels you want to attend will be that much easier.

Also see which topics will be discussed and which speakers were invited so you can do further research on the two to increase your chances of forming a connection with the influencers speaking and attending. You may not be able to do everything you want at the conference, so determine which events are a priority and which can be missed if you don’t have the time.

Have someone man your booth at all times as well so that your station is not left unattended while you visit various events. It helps to familiarize yourself with the location of the conference and where each activity will occur too. Knowing how long it will take to walk to certain panels and workshops will help you determine which ones you can get to in time, and having a familiar idea of where the conference is and where you can park will ensure you’ll arrive on time.

Don’t forget to schedule in break times for rest and food yourself, either. You won’t be impressing anyone if you’re exhausted or your stomach’s growling through a whole conversation. Speaking of conversations, leave some time for exchanges with other attendees as well since the whole point of you being there is to network.

If you have questions about what you should wear, look at past conference pictures on their website to get a feel for what the dress code is. You’ll want to be comfortable since you’ll be on your feet for a good portion of the day. Check the weather as well so you can plan your outerwear accordingly. Layering up is another good idea since different rooms can be set at different temperatures.

Lastly, consider other items you will need to bring with you to the conference such as a laptop, chargers, pen and paper, and business cards.

Talk the Talk

Once you have a plan of attack, you need to brush up on your networking skills. As you can see, networking is one of the top ways agencies drum up new business.

That being said, there are a lot of people vying for the same relationships you want to cultivate, so it’s up to you to distinguish yourself from the rest. Do this by being more eager to help the other person rather than having them assist you. Showing a genuine interest in the other person will make your more noticeable than a person who only asks for what they want.

Networking isn’t a one-sided relationship. It takes the efforts of two people trying to connect with one another. So be a good listener and ask them questions about themselves. Honesty is truly the best policy when it comes to networking, so speak the truth about yourself to build a solid foundation of trust between you and your contact.

Be consistent with who you are as a person both professionally and personally as well. People have a knack for discovering inconsistencies when talking with a person. Getting caught in an untruth can seriously damage a budding connection.

Also remember to continue the conversion long after the first encounter by consistently following up with them. A true networking relationship only grows and prospers if you put in the work to stay in contact with them.

Take Advantage of Hiring Opportunities

Although you may be going to a conference to form beneficial business connections, don’t forget to network with people who want to form connections with you as well. Especially when you’re hiring your first employees, it’s important to start your hiring process right by recruiting the best and brightest first instead of ones who will just do for now.

The kind of people you hire in the beginning will ultimately encourage or halt the progress of your company altogether. Hiring has a domino effect in that the employees you hire will recommend and attract other employees like them to your company, so it’s best to give yourself a good headstart and hire the most qualified candidates you can find.

Individuals attending conferences will most likely have the qualities you want in an employee, so keep your eyes open for potential hires at these events. It’s good to think in the long-term when considering a prospective employee as well since your business will have to deal with the consequences — negative or positive — of each hire you take on.

You will have to be the judge whether or not the skill sets a person possesses will benefit you just now or many years down the road. It’s also important that you like the person you’re thinking about offering a position to. Company culture is a key part to business success.

If people are miserable with the coworkers they have to collaborate with, this will only lead to setbacks for your company. After all, why would you want to hire someone you don’t like? Employees also work their best and come up with their most innovative ideas if their work environment makes them feel comfortable and encourages research and development that way of thinking. According to HR Gazette, “48% of human resources and recruiters and managers believe that technology helps them make better decisions.” 

Even with the best intentions, many startups and companies fail — but that doesn’t mean failure has to happen to you too. Attending and setting up a booth at a conference is a great way to find lasting and beneficial connections.

However, you can’t just walk in and expect great results to happen. By investing in your booth design, putting together a conference game plan, and brushing up in your networking skills, you will form relationships that will help you and your company progress far into the future.

The Truth About AIs Impact on Jobs

By Allan Leinwand, CTO, ServiceNow                  

According to a recent report from PwC, AI is expected to raise the global GDP, in 2030, by 14% (approximately US$15.7 trillion). That being said, AI is seen by many as being either a hero or a villain. On one hand, AI is currently driving nearly every CIO’s agenda because it intelligently automates work processes, making it possible to do things that have never been done before. But on the other, many workers are scared of the rise of AI as they believe it is rising from humble beginnings to become a villain that will steal their jobs.

The truth is that some jobs will be lost, but many more will be created. It is important to understand that fundamentally, AI is not strong at creative, interpersonal or physical work. It will be used for “decision support, not decision making.” So lets debunk a few myths.

Reduce and Simplify

As workers, we want to use automation to get our jobs done. AI will free us from having to spend long hours analyzing data and invest that time in achieving a better work-life balance.

Information technology, manufacturing, financial services and human resources will all see significant improvement and productivity gains because of AI. These industries have many repetitive tasks that can be easily automated, helping workers become more productive. For example, AI can streamline the onboarding process of a new employee. It can alert HR when background checks are completed, and aid them with the creation of benefits packages and employment contracts. It can help IT order and provision new equipment. Similarly, it can help the employee complete and send tax forms and direct deposit information to finance.

The Mundane

Workers want to move to more meaningful roles. In fact, according to the Society of Human Resource Professionals, workers, particularly Millennials, want to “create outcomes within meaningful projects and may become impatient with mundane tasks.” AI can automate the more mundane tasks allowing for new jobs to be created that are more fulfilling, strategic and meaningful. AI can help workers be more productive and efficient at their jobs, while learning new skills. In addition, AI can help workers become better organized, reducing stressors, improving productivity and overall job satisfaction.

Financial compliance is a great example of this. Until recently, the creation of expense reports and review of submitted expenses was a very manual, mundane process requiring hours and hours of review. In the cases of expense report review, only a sample of expense reports could be reviewed in order to hopefully identify some patterns of fraud in submissions. Now, not only can AI generate the invoices, but it can sort through the hundreds of expense reports, invoices and other transactions and  identify potential areas of fraud, waste and mistakes by employees, vendors and others for humans to further investigate, saving their companies billions of dollars each year.

Customer Satisfaction

The idea behind AI is to create more satisfied customers. Because workers can focus more on the interpersonal and creative parts of their jobs rather than the more mundane, they will treat customers better. In customer support cases, this will be done by employing AI to identify and provide a solution for the issue and utilizing a human who can react to nuances for interpersonal communications. Customers will develop loyalty because their needs are met and issues are resolved quicker, more efficiently and with a personal touch.

Let me give you an example. Years ago, many companies implemented phone trees to help route support calls more efficiently. All of us have been frustrated to get to the end of the menu realizing that we must press “star” in order to go back to the previous menu in order to talk to the right person. While this is automated support, it didn’t employ a combination of people and AI to do so. Rather than having to press the right button to move forward, imagine answering a few questions at the beginning of the call describing what the issue is or what you want to accomplish, and immediately being routed to the correct person (yes, person) who will help you or to the right menu telling you store hours. This will speed up support, improve loyalty and create better satisfaction for customers.

Convenience

One of the biggest benefits of AI is the convenience to customers. AI allows nearly every aspect of business to occur faster, from identifying and fixing support issues so that workers don’t have to drive into the office on weekends to fix a server, to providing more accessibility to information, services and more.

As an example, there seem to be ATMs on nearly every corner in most major cities and more bank branch locations than ever before. However, bank teller jobs have not been eliminated because of the rise of ATM machines. Yes, there may be less tellers in general, but their jobs are more valuable to customers and their employers. When one walks into a branch at a bank, there are dozens of workers providing better value-added services with shorter lines helping customers to be more satisfied with the convenient service provided. More than likely the work these employees do have higher margins, enabling them to make more money for both themselves and their local branches.


Allan Leinwand - CTO - ServiceNow
Allan Leinwand, Chief Technology Officer, ServiceNow

In summary, while AI might result in loss of certain jobs, it is more likely that the amount of work each worker will need to complete will be reduced and simplified rather than eliminated. Employees will feel more satisfaction in what they do because they can focus less on the mundane and more on the strategic. Customer satisfaction will increase because customers will have more human interactions, faster, with people who know how to resolve issues they have. In addition, customers will have more convenience than ever before.

 

5 Winning Ways to Successful Key Account Management

account manager

Key Account Management (KAM) was rooted in the concept of soft-selling and is widely recognized in various fields such as banking, health and industrial domains as mutually beneficial to both companies and their clients.

Through Key Account Management, clients achieve their goals through collaboration and support provided by the company in charge and in return, these companies increase their revenues and maintain a strong and lasting relationship with their major clients, keeping them ahead of the competition. In short, it provides communal growth through partnership, therefore making it critical for every company to make their key account management strategies effective and enhance it if needed.

Unfortunately, some companies still end up wasting their key account management training investments due to unfamiliarity with the best practices. Having that said, here are the key takeaways of the infographic from Healthy Business Builder which details five winning ways to successful key account management:

  1. Select the right account!
  2. Find the best person!
  3. Insist on the very best and relevant key account management program
  4. Your account manager must be highly skilled!
  5. Patience, and the right positive attitude!

To learn more about the winning ways to successful key account management, check out the infographic below:

5 Winning Ways to Successful Key Account Management-01

Earn Employee Loyalty through Benefits Technology

As organizations continue to compete for talent, they are realizing the integral role that benefits play in attracting and retaining the right employees. This is evidenced in our Global Employee Benefits Watch research, which surveyed 2,200 employees from companies around the world and found that only 15% of candidates don’t ask about benefits at all during the interview process. In fact, benefits have a huge role to play not only in attracting talent, but in influencing employees feelings about their current employer. Eighty percent of employees who said they have a good variety of benefits to choose from also said they identified strongly with their organization’s vision and values, as opposed to 40% of those who don’t. Market-leading organizations recognize this and to attract the best candidates and keep current employees happy, more and more employers are working to improve their benefits programs. While offering tailored benefits is important, much of the impact on employee loyalty is lost if these benefits aren’t easily accessible.

Giving employees easy access to their benefits information seems simple enough, yet over 50% of employees say they can’t access their benefits in the way they prefer and just 21% of employees say they can easily access their benefits. Clearly, employers are still delivering benefits in ways that don’t resonate with their people. So, what action does this mean employers should take? How can organizations make sure their people take full advantage of what’s available to them? Our research shows that employees are looking for the same experience they have getting information in their personal lives to be mirrored at work – one of the main aspects being the ability to consume information in a variety of ways. Using a number of communication options, including those driven by tech, is the key to keeping employees engaged and happy.

Integrating technology-enabled communication methods really pays off. For example, 62% of employees prefer to use a laptop for research and information gathering and 40% prefer mobile. Technology’s prevalence in everyday life is pushing employers to make sure their benefits strategy is delivered through  intuitive HR tech with a seamless user experience.

While making sure employees can access benefit information online is critical, it’s also important to deliver this information through other methods too. The only method that beats email and computer access is discussing benefits face-to-face with an employer, with 46% of employees receiving information this way reporting being satisfied. Email and computer access were close behind with satisfaction levels at 44% and 42% respectively. When information is more complicated and personal, people often prefer an in-person conversation.

The numbers say it all. 81% of employees who can easily access their benefits said they feel loyal to their employer and 79% say they were proud to work for their organization. Easy access to benefits information keeps employees happy and has the potential to secure longevity. 77% of employees who understand their benefits offering said they saw themselves staying at their organization for the foreseeable future.

It’s encouraging that employers realize the need to offer better benefits options to their people. But too many are stopping there. Making sure employees have the information they need about their benefits is the next step in solidifying employee loyalty, influencing whether they recommend working there to a friend, and, arguably most importantly, decide to leave or stay. If employers are committed to attracting top talent and keeping their employees, they need to ensure their benefits not only meet their needs, but that they can access them in the most consumer-friendly way possible.

 

The Correlation Between Office Design & Productivity

Productivity is a fickle little thing and if you’re not careful, one bad decision can ruin all your efforts of making your workplace a thriving, fruitful community. Everything, including your office design, has to create an optimal atmosphere for getting work done, and dim, cluttered spaces certainly won’t cut it. But there is more to it than just keeping the space neat and organized. Studies have shown that many other factors matter – and they affect not only how productive you are but also your health and well-being. So let’s see some of the factors of office design that are related to the productivity of employees.

Office design plan

Several studies concluded that the layout of the office is of the essence. However, the tricky part is that the “best” office plan varies from company to company. You have to weigh your objectives, priorities, your company culture and a slew of other factors when deciding on the layout. If work in your office requires a lot of communication among your employees on a daily basis, your company might benefit from having an open floor plan that encourages teamwork. On the other hand, for companies where employees have to focus in order not to make mistakes in their work, the same plan would drive everyone mad, not to mention completely diminish productivity and ultimately be detrimental to the whole business. Thus, you have to think carefully about what the needs of your business and your employees are and plan accordingly.

Noise and lighting

There are some things you can control about your office, and there are some you simply can’t. Noise is a serious detrimental factor to productivity and morale. If your office has been blessed by being located in a quiet neighborhood, outside noise is not a problem for you. If not, however, you might want to turn to some soundproofing solutions to reduce the distraction the surrounding traffic or nearby construction work creates. Noise-canceling headphones work well too, also for those employees who share their workspace but are distracted by others talking etc. As for lighting, it’s another one of the top three environmental factors affecting productivity. Natural light is, of course, the best since it has a positive effect on mood, resulting in better productivity. If you don’t have plenty of that, you can make up for it with appropriate (preferably layered) artificial lights to keep your employees awake and alert.

Ergonomic furniture

The comfort of your employees is another major factor that affects their productivity levels – and also health. Palm rests and screen support for those working on the computer will prevent pain in their neck and wrists, so the morale remains high in the office. Even more importantly, ergonomic desks and chairs are essential in preventing back pain and all the health consequences it will bring. Nothing diminishes productivity like an aching back, and finding quality office chairs in Sydney, New York, or anywhere else in the world is a walk in the park, so don’t skip this step. Moreover, a designated place with comfortable furniture such as sofas or lazy bags where employees can take a break and relax can also give them a boost. Lounging for a couple of minutes and taking their mind off work and their eyes off screen will renew their energy supplies to finish their tasks.

Equipment

One of the most frustrating things in an office is old, malfunctioning equipment. Having to spend ten minutes getting the printer to work or waiting for a page to load not only slows down your employees but it’s also annoying and will destroy the creative mood they were in and disrupt their workflow. Invest in up-to-date, high-quality equipment if you want to prevent this from taking a toll on your business’s productivity. Something as little as faster Wi-Fi will do wonders, but it’s also possible you’ll need to make a bigger investment, such as buying new laptops better suited to what your employees do.

Embracing biophilic design

An all-around approach that should be considered by all business owners is implementing elements of biophilic design into their offices. Basically, all of the aforementioned positive changes, including plenty of light and ergonomic furniture are important elements of biophilia, but there are so many more fronts on which you could take advantage of this nature-centric approach and give a boost to your employees’ productivity. If your office has not been blessed by a scenic view (let’s face it, few have), it is your job to bring nature in and elevate the mood. Green office spaces “generate physiological responses such as increased brain activity and lower stress hormones”, so it’s more than clear that a couple of potted plants or, if you want to go big, a living wall or a green roof can double productivity if implemented right. Don’t underestimate the power of nature and humans’ connection to it.

 

In today’s competitive market, employers need to make the most of what they have in order to stay afloat. Maximizing productivity in your workplace through office design is not a huge investment, but it will hugely reflect on how your business is doing. Takes these pieces of advice and your office productivity will soon thrive.