Benefits of Partnership Between Employers and Training Providers

The partnership between employers and training providers is important for both small businesses and massive corporations alike. Small business owners find this to be a frugal option, seeing as how they can’t afford to hire experts, which means that they are forced to train their own employees to become experts. As for the big companies, by having a solid collaboration with an RTO, they can customize the training program so that it fits the needs of their company. In other words, they’re not training niche experts, in general; instead, they’re training experts with a specific set of skills necessary for the position that they’re about to assume. Here are several benefits of this partnership that you should know about.

1. The choice of target skills

When it comes to traditional, formal education, its biggest downside is the fact that it gives an uniformed format of education, instead of specializing. This is where RTOs have a much greater advantage. Instead of training your entire staff to do a plethora of tasks around the office, you, as an employer, get to choose courses that benefit your brand the most. Needless to say, this makes your job of delegating tasks much simpler, as well, seeing as how you get to assign functions to your staff according to their skills and abilities. This can also help you avoid a lot about bias in choosing functions for team members.

2. Preparing for the future

The most important thing about the company’s future is the consistency of staff. Now, the problem in this lies in the fact that people leave your employ all the time. They go someplace else, start projects of their own, retire or even go on leave. The latter might not fall under the same category as the first three, yet, it still makes a team member unavailable. So, you need to have someone capable to take their place in order not to allow for an absence of a single team member to cause downtime. Moreover, you need to plan for the growth, which is why you need to start preparing your staff in time. By having assistance from VET professionals, you can easier anticipate these changes and get a better understanding of the process necessary to prepare your staff for this.

3. Setting objectives

Perhaps the biggest advantage, and the most underestimated one out there is your ability to set the objectives for the training. Namely, this training costs effort, time and resources. We’re not just talking about paying for the course but also providing your employees with materials like Compliant Learning Resources. So, you need to know that you’re getting your money’s worth from this deal. You need to know how the performance of the employee will improve after the training. Other than this, you need to know how this will affect your employee retention rate. The last thing you need is for someone to complete the training, under your tutelage and sponsorship only to leave you once a better offer arrives.

4. Including your employees

Keep in mind that while employee training is a positive thing, it’s not necessarily seen as such by an employee who sees it as mandatory and unnecessary. For instance, sending someone on a course that will prepare them to do a task that they don’t really care about might cause the employee to leave or, at very least, underperform. Instead, you need to allow your team members to become an active participant in the decision-making process. This can be much more efficient with the sufficient amount of collaboration with the training provider. In fact, putting in touch the employee in question and the training provider is the kind of networking that works to everyone’s benefit.

5. Internal vs. outsourced training

At the very end, it’s important to mention that there’s another form of employee training, one that’s much more common, yet, also the one that we’ve failed to mention so far. We’re talking about the internal or the in-house training. This either requires you to hire trainers or appoint some of your team members as mentors (start a mentoring program). Such a course of action will tailor your mentoring program to the needs of your company and generate materials to be reused in the future. Nonetheless, by teaming up with the right training provider and learning material supplier, you can achieve all of that with the addition of a much higher quality of training program. After all, we’re talking about specialized RTO.

In conclusion

At the very end, a partnership between employers and training providers is a business world occurrence that takes place virtually every single day. In other words, it’s something that deeply affects your business model and your business plans. Still, until you know all the benefits that you get to reap from this relationship, you won’t be able to tell just how cost-effective it is to invest your time and resources to make it all happen.

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How Surveys Can Help Improve Both External & Internal Company PR

Information serves a large variety of purposes in business. Specifically, looking back through annual information can help a business determine where their shortcomings are, as well as their strong points, which can help them decide what areas of their business they should grow or scale back on. There are a few ways to gather this data, but depending on the information you’re looking for, surveys are often the best way to understand both the internal and external perception of your business.

Survey Uses for Management

Company surveys can indicate a lot of things about a company, such as receptiveness to customers and employees, and caring about quality and ambition. When a company holds surveys within their personnel, either for specific departments or general employees, it can sometimes indicate that there is a business practice concern they are trying to work out. Depending on what questions are being asked of their workers, surveys often gives employees the impression that their company cares about them and that if there are concerns they want to bring up, they can be addressed.

If you’re considering using a survey to gain an understanding of employee satisfaction or what employees are looking for in the workplace, make sure you use an effective survey method that follows guidelines for effectiveness to achieve optimal results. This may include a platform that will allow you to ask both open- and close-ended questions, as well as survey channels that are convenient, like SMS. Another important aspect of surveys is to ask the right questions by using careful phrasing in order to receive the type of response you’re looking for.

Employee surveys can help your company come to solutions regarding business structure changes you’re considering making. They are a good way to gauge interest if you’re seeking to begin outsourcing work to freelancers rather than in-house workers. Although these decisions can be controversial, 11 percent of the U.S. workforce get their full income from gig economy, so it’s not uncommon to do so. In fact, there may be a significant number of employees seeking the benefits of gig economy work, such as heightened independence, flexibility, and at times better pay. If you’re gauging employee interest for a change like this, a survey could help your company establish goals surrounding prospective changes.

Improving External Company PR

Surveys can also provide companies with an idea of the areas that your PR team should work to address. A company’s reputation can be instrumental to its success, and if there’s any ongoing speculation about areas of your company, your PR team should be dedicating resources to addressing them. It is then up to the company to make both internal and external changes to get down to the root of the problem.

Although seeking out client reviews is generally a good practice, especially considering that most individuals seek out company reviews before getting involved with a company, surveys allow companies to receive a more thorough understanding of the customer experience. It also gives customers and clients a chance to voice their concerns before any incident that occurred becomes so overlooked that there is no hope in getting their business back.

Although clients are arguably the most important audience for a company, a business cannot succeed without all of the cogs in the wheel that keep the business turning; such as clients, employees and suppliers. It’s important to have a skilled accounting department prepared to handle accounts for your business to ensure suppliers are receiving the attention they need. If your company takes too long to pay clients and vendors, it reflects poorly on your company’s reputation. Therefore, if there are ongoing issues in this field, your company may want to consider adopting accounts payable automation to help facilitate these processes.

If surveys indicate low satisfaction rates due to a lack of innovation or slow growth within the company, consider incorporating some new tech trends that are capable of redefining your business. These can include hiring cybersecurity professionals to limit the number of IT incidents and incorporating AI, chatbots and predictive analytics to help with hiring processes. New technology can help facilitate many steps in business, and by finding small ways to innovate, your company can start to improve its internal and external perception.

Surveys can be helpful in understanding where you company stands to improve and can give you an idea of the ways your clients and employees want to see you innovating. By regularly surveying personnel, as well as clients and other companies you associate with, you can ensure that satisfaction is high and that any ongoing issues are taken care of before they become a PR concern. Internal and external company PR are both almost equally important, and it’s vital to the success of your company to ensure you’re taking care of both.

What is a Necessity for run your Ecommerce Portal or Website?

There are many e-commerce stores available online with wide variety of products for kids, teenagers, men, women and we all are glued to the screen for many hours. To run an e-commerce website everyone needs a wordpress website. With the use of a HostGator Dedicated Server, you can host your e-commerce website more securely and has many features & Discount offers which others don’t have.

Through discounts on web hosting ecommerce you can save more money and it also provides one month free hosting trial.

Running a good e-commerce website

There are no universal features or designs which will surely get your website at the top but there are some of the essential things which you should considered when creating an online store. Some of these points are as follows:-

  1. Make your online shop sell– Some of the retailers create a website only to show their online presence but don’t have an option to purchase from their store. Generally all of the websites have a big icon of “Buy” in their websites. They want to sell products from websites.
  2. Show the advantage of your product– A list of products should be properly categorized, so that customer gets to know which product is where. Special deals and new arrivals should also be on top. Some people don’t know exactly what they want and just hang around. So we have to capture these people also.
  3. Make your website visitors trust you– People watch everything when they spend money on purchasing of a product. Make all things clear about purchase process, payment method, delivery service, warranties etc.  It will help them to make decision securely.
  • Clear logo– A clear and remarkable logo help to find out the products easily and also a sign of trust worthy company. This is for both either it is a new website or an existing one.  
  • Deals & Free shipping– People usually judge a website within a single minute. So a pop up of deals should be highlighted so that you can grab the interest of a customer. It will attract the customer to buy a product.

You are selling products to the world not to a local market. Some retailers adjust their shipping charges to the minimum order purchase.

  • Shopping cart, Login box and Search box– A sign of Basket for shopping cart, a login box and a search box appeared on the top of the website. For online secure transaction people need login ID and password and for a wide variety of products a search box is there for finding the products easily.
  • Payment System– E-commerce websites sell their products all over the world and all have different mode of payment. Usually accepted payment modes are Debit & Credit cards, cash on delivery, PayPal etc. You can find these payments option on the footer of the website.

Social Media Links– Around 20% of the visitors comes from social media such as Facebook, Twitter because people used it so much. Social media gives all of us an opportunity to promote the products or services.

How to Recruit Millennials and Keep Them Motivated

There’s no doubt that millennials have transformed the way the traditional workplace functions. Millennial employees bring creative thinking skills and radically different attitudes towards work to the table — aspects that are integral when it comes to organizational success. Recruiting millennials and keeping employees satisfied at work requires a significant shift in thinking as opposed to previous generations. HR professionals play an important role in implementing new strategies to ensure that millennials stay motivated at work. Here are some ways to attract and retain the best of millennial talent:

Market to Millennials

To get your organization’s name out there and attract younger talent, it’s important to market in a way that is suited to a millennial’s lifestyle. Traditional methods of marketing won’t stand out to millennials; instead, they will propagate the image that your organization is old-fashioned, even if it truly isn’t.

To recruit millennials, you first need to reach them. An article on Entrepreneur recommends using high-quality video to get the attention of skeptical millennials. For instance, as opposed to simply posting in the job classifieds, consider making a recruitment video that details what you’re looking for in a candidate, and why your organization is one that millennials would want to work for.

Creative advertising will generally have better results with millennials than standard marketing techniques. As stated in the article, “Millennials are largely fed up with traditional methods of advertising, and while they want information, they want to select it instead of having it forced upon them.” Millennials tend to trust people in their social networks, and so, utilizing social media marketing strategies is a prudent way to get your company’s name out there.

Similarly, using Search Engine Optimization (SEO)  is a great way to make your presence known. As defined by RivalMind, SEO is “a process that helps a business become ‘more search engine friendly’ and rank higher on sites like Google, Yahoo, Bing, and others.” This is especially appealing to millennials, who want instant information at the click of a button, and will often not look past the first page of search results.

Create a Culture of Care

Workplace culture is an important aspect of any organization. As stated by experts at Rutger’s University, “Corporate culture plays a huge part in the success of an organization and can profoundly affect its performance, both positively and negatively. An organization’s culture affects employee retention rates, as well as its ability to recruit new talent. Research has found that culture affects productivity, creativity, work-life balance, and even things such as safety, accident rates, and the process of recovery after missteps or mistakes are made as part of the organization’s operations.”

Millennials, in particular, value a great workplace culture and a variety of company perks. The employees of today find benefits like free breakfasts, nap rooms, mini-gaming arcades, and pet-friendly policies very appealing. Furthermore, the physical layout of the office plays an important role in keeping millennials motivated. Thus, you might want to consider utilizing an open floor plan to increase collaboration or even adopting an activity based office design. Office Boy states that “The purpose of an activity-based office fit out is to create different work areas that are best suited to different tasks.” Activity-based office designs are well-suited for millennials, who prefer dynamic workplaces rather than being bound by the four walls of a cubicle. This holistic culture creates a rounded sense of well-being in the workplace that attracts millennial employees.

Provide Ample Learning Opportunities

Millennials value the opportunity to learn different skills through the duration of their jobs. They want to be challenged, and want a career that allows them to develop intellectually. Millennials want to become as marketable a possible, and ironically, the more marketable you make them, the more likely they are to stay at your organization. In fact, according to the Gallup School of Management, 80 percent of employees say that job training is key to keeping them as employees.

To ensure that your young employees feel like they’re continuously learning, consider offering training programs to help them hone various skills. Help them create a personalized career path, with regular check-ups to ensure that they are meeting their own personal career goals, as well as company growth objectives. You could also provide a mentor or coach to ensure that millennial employees are constantly learning something new, under superior guidance.

As we’ve mentioned in a previous article on what millennials really want from work, “Millennials want to be coached: they crave and respond to a good, positive coach. Overall, Millennials want feedback 50% more often than other employees. Their number one source of development is their manager, but only 46% thinks that their manager delivered on their expectations for feedback.” Providing supportive leadership and critical feedback is key when it comes to keeping millennials motivated and satisfied at work.

Allow for an Entrepreneurial Lifestyle

Published findings from Millennial Branding show that 61 percent of current high school students (Generation Z) said they “prefer pursuing business ownership as an entrepreneur instead of working as an employee.” This information is crucial when it comes to millennial recruitment and retainment strategies. To foster an appealing entrepreneurial vibe at work, you will have to incorporate strategies that allow employees to be their own bosses.

One way to do this is to make allowances for remote working, or telecommuting. This gives employees the ability to work from anywhere, make their own schedules, and promote a healthy work-life balance. Today, remote working is extremely popular. In fact, a study released by Zug, a Switzerland-based serviced office provider, shows that about 70 percent of professionals work remotely at least one day of the week, while 53 percent work remotely for about half the week. So if your organization hasn’t yet made allowances for telecommuting, then they’re way behind the curve. Other strategies for promoting workplace flexibility and independence include providing volunteer opportunities, encouraging employees to go out during lunch breaks, and even providing on-site health and fitness classes.

Hiring millennial employees is essential to keeping the workplace current. As stated in an article on Forbes, “Millennials have been transforming the workplace for the past decade or so, emerging on the scene with new attitudes and striking characteristics that inspired excitement and resentment from previous generations.” Although the “excitement and resentment” can be challenging to deal with at times, recruiting millennials and keeping them adequately motivated is absolutely necessary to succeed as a business.

Things to Know Before Considering Investing in Stocks

The stock market has always been the most popular destination for aspiring investors. Even the experienced investors are mainly focused on stocks due to their benefits and their potential for yielding a substantial return on investment (ROI). But what does investing in stocks really mean? Simply put, by purchasing a share of some company’s stocks, you’re purchasing a small percentage of their entire assets. You can sell or buy more stocks when the price is right or hold on to them, in order to enjoy the income from dividends.

Either way, stock investments are a good opportunity to gain profits from the money you have saved up and currently have no need for. However, even though the stock market is highly regulated, it’s important to understand that every investment is a risk. In other words, stock prices are evaluated based on a company’s performance. If you don’t know what you’re doing, you might lose your entire investment before you even realize your own mistake. With that in mind, here are a few things to know before considering investing in stocks.

Consider diversification

As mentioned before, every investment is a risk, especially if you focus only on a single investment method, such as stocks. Investors suggest that by diversifying your investment portfolio, you can minimize the risk of losses. For example, if you suffer a loss from stock price decrease, you can balance it out from other investment assets.

Diversification means investing in various stocks as well as ETFs (Exchange-Traded Funds), bonds and mutual funds or investing in alternative methods, such as gold, real estate and so on. However, if you want to stick to stocks, you should know that you have options available to you that will help hedge risks and insure stock losses. These options are also called stock options, specifically, call and put options. Options are contracts between two parties on the stock market, so it’s advised that you do not engage in such activities without consulting a lawyer first.

Consider taxes

Taxation laws should always be monitored by investors. Taxes can influence your investment decisions in many ways. For example, after the “Tax Cuts and Jobs Act” has been signed in the U.S., the taxes for large companies went down from 28% to 21%. The same act affected small companies reducing their taxation from 32% to 21% as well. This change made small cap stocks a good investment opportunity. However, it’s important not to solely focus on how taxes affect stock prices but how they affect your gains as well.

For example, if you receive dividend income from your stock investments, you must pay income tax that is oftentimes 15% but it’s subject to change. In addition, taxes affect selling stocks for a profit or loss. If you hold on to your stock for more than a year, for example, your incomes are taxed at a long-term capital gains tax rate. That’s why it’s important to consult with an advisor, in order to understand at which capital gains tax rate your incomes or losses are taxed.

Understand the rules and regulations

The stock market is highly regulated, which means any wrongdoings or misconduct won’t go unpunished. The stock market is regulated by the Securities and Exchange Commission (SEC) in the U.S. SEC is a government agency whose task is overseeing and enforcing rules and regulations regarding the stock market laws. Each country has their own government agency representative to help regulate the market, such as the FCA (Financial Conduct Authority) in the U.K. or the Australian Securities and Investment Commission (ASIC) in Australia.

The SEC is also in charge of publishing mandatory financial disclosures regarding corporations. Moreover, they investigate criminal behavior such as insider trading, spreading of false information, accounting frauds, manipulation of the market and so on. That being said, it’s important to familiarize yourself with any laws, rules and regulations regarding the stock exchange in your country of origin, in order to avoid misunderstandings or inconveniences.

Be mindful of the influence

Investors are prone to following what the others are doing, especially new investors on the stock market. The fact of the matter is that each investor has a unique strategy they’re following. That means that you shouldn’t copy what others are doing or where they’re placing their investments. For example, following the trends from newsletters or investing where everyone else is may mislead you to make a mistake. Instead, try to follow the accuracy of stock prices.

As a matter of fact, stocks have actual value but they oftentimes vary in accuracy. As mentioned before, stocks are evaluated based on a company’s performance on the market and prices are bound to rise or drop based on estimates and future projections of that company’s performance. However, at any moment, stocks are worth the present value of the future cash flow their holders will receive. Therefore, trade based only on actionable information you can obtain, instead of risking your investment based on a hunch.

 

The stock market presents investors with the opportunity to maximize their ROI for long-term investments. However, the stock market holds a significant risk, especially for those that are unfamiliar with how the market works. That’s why it’s important to consider important factors before you start investing in stocks.

How to Turn Ecommerce Shoppers into Repeat Customers

Getting a potential customer to visit your ecommerce store is the first step. You also want them to add items to their shopping carts, complete the checkout process and finish the transaction. Congratulations, you’ve earned a conversion. But what’s next?

While getting a one-time sale does help drive revenue, ideally it will become the first sale in a series. However, only one out of five first-time buyers will ever make a second purchase from your store. As MarketingProfs notes, this means brands “spend a ton of time and effort to acquire buyers who may never engage” again.

Now it’s time to consider how to turn ecommerce shoppers into repeat customers. Successful ecommerce stores are able to build up a base of loyal customers who stay engaged and make recurring purchases over time.

 

Giving Customers a Reason to Buy from You

Ask yourself this: Why should customers buy from your store rather than a competitor’s? Not only do you need to have a firm answer to this question, you need to convey it to online shoppers.

Whatever products you sell, make sure you’re differentiating your store from those with similar offerings. Face it: You’re not the only store using a platform like Shopify to sell electronics, furniture, cosmetics, hand-knit sweaters, artisan coffee, camping gear, etc. But you don’t have to settle for blending into the crowd; with a little branding finesse, you can really make a unique name for your store.

Think about what sets you apart. Is it your eco-friendly products and packaging? Your responsive customer service guarantee? Free shipping and returns? A confidence-boosting product warranty? Make sure you clearly convey to customers what makes your store unique. Not only will it help boost trust and loyalty, but this will more than likely be the “it factor” they share with friends and family when they’re recounting their experience.

Make Loyalty Worth Customers’ While

Offering loyalty perks is a great way to tangibly reward customers for sticking with your store over time. But emailing out a 10 percent off coupon a few times a year won’t necessarily incentivize people to stay engaged. First, you need to make sure your loyalty rewards overcome the “trivialization effect,” meaning buyers actually find them valuable and gratifying.

It’s a good idea to reward shoppers for more than just making purchases. You can provide people points and recognition for a wide variety of activities, from making a post on social media to leaving a review, or referring a friend. However, you end up structuring your loyalty program, make sure it leaves your customers feeling genuinely appreciated and motivated to return for future purchases.

 

Take Advantage of Re-Engagement Marketing

Customers won’t always come back of their own accord, even if they had a good experience the first time around. Sometimes they need a nudge. Re-engagement marketing is just as crucial as acquisition marketing, like sending users a personalized email recommending products that are complementary to those they bought from you the first time around. You can also ask customers to take a short survey in exchange for a reward, which encourages them to revisit your site. Serving retargeting ads to past shoppers is another way to keep your brand top of mind.

 

Why Retention Is Vital in Ecommerce

Repeat customers are the backbone of any sustainable ecommerce business. As Econsultancy reports, the probability of selling to a new potential customer is five to 20 percent, but the probability of selling to an existing customer is 60 to 70 percent. Repeat customers simply have a higher lifetime value, which affects your bottom line.

If you can figure out how to turn ecommerce shoppers into repeat customers, you’ll see better returns on your marketing efforts and higher profit margins.

Understanding the GDPR: What We Know at the End of 2018

Since the GDPR act was unveiled in May, it has led many companies to rethink and restructure the way they outreach and communicate with their current and prospective audiences. The new, stricter guidelines left many companies in the dark about how it will affect their businesses.

There are three main reasons why you should care about the GDPR:

  1. Failing to comply will result in fines
  2. Even if you’re outside of Europe, it’s likely you will need to comply
  3. Your customer database will be more accurate

Ultimately, companies and businesses have had two years to bring their policies up to date, but complying with the changes hasn’t been easy for everyone. Some companies have opted down the route of emailing their customers about the changes to their terms and services, whereas others have had to shut down traffic from certain audiences. For example, the Chicago Tribune had to bar certain regions from entering their website because their website did not comply with European GDPR guidelines.

Who Does the GDPR Affect?

Understanding who the GDPR will affect and how can often be confusing, given the amount of misleading and often inaccurate information online. The ICO is the only source of information that you need to follow regarding the rules and regulations of the GDPR.

So, the information below has been taken straight from ICO and Elizabeth Denham, the Information Commissioner in the UK, to help shed some light on who the GDPR affects and what you can do to adhere to its guidelines.

Personal data – this affects all information that can be used to identify someone. This includes:

  •     Names
  •     Emails
  •     Titles (careers)
  •     Locations

This also applies to both automated and manual data and even pseudonymous or key-coded data. In essence, if your business or service collects information that has the power to specifically identify someone, then GDPR will apply to you.

Email Marketing – if you rely on collecting customer’s email addresses in order to contact them, then you’re going to need to rethink the way you do that.

For example, if you’re an IT company and you want to inform people that you have a sale on, you’re going to have to prove your customers have specifically stated they’re happy to be contacted by you. Simply put, this means you will have to gain their permission in order to contact them.

There are various ways you can do this, the most popular method is by sending an online form to fill out with checkboxes. This means the recipient(s) of this email have to consciously tick a box if they would like to be contacted by you (the boxes, by default, will always be unticked). If your customer fails to respond to your email, it will be seen as dismissive and you will have no right to contact them.

Failing to abide by this rule will result in a fine or penalty depending on the severity if the action.

Understanding Charities and GDPR

One of the more controversial issues that stemmed from the GDPR was its effect on charities.

Several charities have misunderstood what the rules of the GDPR, leading them to email their donors asking them if they can still contact them, or ‘opt-in’ to their subscription service. The problem is that they never had to do this. Charitable organisations, for the most part, can still contact their donors because they fall under what the GDPR has categorised as ‘legitimate interest’ (direct mail also falls under this rule). This is a ruling that basically allows charities to keep hold of donors’ information, legally. Adrian Beney offers a simple example of how legitimate interest works:

“Here’s what we intend to do with your data. You can tell us if you’d prefer us not to”.

In contrast to consent:

        “Here’s what we would like to do with your data. Tell us if that’s OK”.

This has led to several charities losing thousands of donors because they did not read or at least understand the rules of the GDPR. Charities that chose to take the ‘opt-in’ route inevitably lost donors because not everyone will have responded, meaning these donors can no longer be contacted.

Flybe, Morrisons and Honda Have Been Fined

Big corporations have been tripped up by the GDPR regulations by failing to follow fairly simple guidelines regarding unsubscribed customers.

Flybe sent an email with the subject line “Are your details correct?” a smart and innocent way to get people to respond. However, Flybe sent that email to 3.3 million people that had already opted out and were consequently hit with a £70,000 fine.

Honda were also fined £13,000 after they emailed 290,000 people who had opted out of their marketing emails. Morrisons, in a similar incident, emailed 290,000 people regarding their new “Match and More” point scheme, but 131,000 people of that 290,000 had already opted out. This set Morrison’s back £10,500.

Ultimately, GDPR will be good for businesses because of the way it’s made us think about our online data and privacy policies. It’s forced us to think a bit more about who, online, has access to our data and how it’s being used. You could argue that several business have been exploiting our data for years, but now the GDPR is putting a stop to that.

Additionally, because customers now have to ‘opt-in’ to receiving marketing emails, businesses will lose all of the ‘false’ customers they had collected over the years. This means that when they’re correlating data, they can be sure that every customer is legitimate and isn’t simply a name on the mailing list that’s been dormant for months or even years.

Why Operating Cash Flow is Important for Small Businesses

Every business, no matter how large or small it may be, depends on its cash flow. Cash is the most important business asset because it’s the most liquid asset as well. Having cash means you can pay for every expense immediately. It also means you can make investments when an opportunity presents itself. Without cash, a company would start having financial difficulties and eventually go bankrupt, even if that same company is generating good revenue and profits.

That’s why cash is considered king in the business world, at least from a financial point of view. It’s of the utmost importance for companies to track their operating cash flow. Operating cash flow is cash generated by a company’s everyday operations and not the cash gained from external resources, such as private reserves or investor funds. In other words, the cash a company can generate in order to sustain its business operations. Here are a few reasons why operating cash flow is important for small businesses.

Business liquidity

A company’s liquidity determines its chances of long-term success. Basically, what liquidity means is the ability of a company to cover its immediate and short-term liabilities, i.e. its obligations or debts using its own assets. The liquidity ratio is determined by a company’s ability to pay its dues on time within a one-year time span. That’s where cash flow and cash-on-hand come into play. To calculate the ratio, companies must assess their liquid assets. The number of liquid assets a company possesses can usually be found in their balance sheet.

For instance, an emergency savings account is considered a liquid asset. Simply put, how fast can you turn your asset into cash determines the liquidity of an asset, and since a savings account is basically cash stored up, it’s one of the most liquid assets a company has. On the other hand, a building is also a liquid asset, but it takes time to sell it and turn it into cash. What’s more, you can rarely get the right price quickly for the building’s true worth, which means this asset is less liquid than the cash itself.

Balancing the cash flow

Positive cash flow is crucial for companies. It means you have more money coming in from accounts receivable than going out through accounts payable. However, too much cash can be almost as bad as not having enough cash. Primarily because if you have a surplus of cash, it means your company is missing out on potential investment opportunities where it can generate even more income and profit.

On the other hand, lacking cash means your company is most likely unable to collect payments from clients or customers on time. That can be solved by implementing a direct debit system for your recurring incoming payments and repeat customers, which will automatically collect funds. In other words, you balance the cash flow by ensuring payments are collected on time and surplus funds are invested wisely.. However, you cannot do that if you don’t track your operating cash flow.

Avoiding a financial crisis

As mentioned before, companies that generate good revenue can still go bankrupt without a positive cash flow. As you already know, cash is the most liquid asset. That means that you can use it to pay urgent expenses, such as bills, taxes, salaries and so on. However, a lot of small business owners confuse revenue and profits with cash, which is a huge mistake.

  • Revenue is a total sum of money your company has obtained by conducting business operations over a specific period of time. Simply put, revenue is the entire income of your company, which was generated from sources such as sales, borrowed capital and interest rates among other things.
  • On the other hand, your profit is the total sum of money your company has after you subtract your business expenses, i.e. operating costs and taxes from your total revenue. That profit is also called Net Profit.

Revenue nor profit is actual cash.

For instance, payments from invoices are considered sales profits and revenue but you don’t get cash until invoices are due, which is anywhere between 30 and 120 days. Conversely, you still have expenses to pay during that time, such as salaries and bills but you can’t do that without cash, which means you either find funds elsewhere or declare bankruptcy. That’s an example of going bankrupt even when your company generates revenue.

Operating cash flow is essential for small business success, as well as for financial stability. Having positive operating cash flow means your company is self-sustainable. In other words, your revenue, profits and cash can maintain optimal business operations without you having to pour external funds into your company, such as taking out a loan or asking an investor for financial aid.

How to Edit and Convert JPG Files?

JPG files are extensively used to compress image file format. It is a popular image format used in various operating systems, digital cameras and in the web browser. JPG format compresses the file size, which is easily view able and shareable. However, it does not support the transparency.

Click to Download JPG to Word Converter

To edit the JPG files, many software programs with unified OCR technology are available in which some are high priced, some are unreliable. Well, you can download the trustworthy and professional software JPG to Word Converter from the company Soft Solutions. It converts your output images with high image resolution, image color, image position,and image size. This converter enables storing the output file in the desired location. In a single click, you can convert your file.

The file conversion is quite easy using this software:

  • Select the file for conversion clicking the option “Add Files”. For numerous file conversion, select the folder in which files to be digitized are saved.
  • Now, pick the output image file format from the display list.
  • You can also choose a path for saving the image files by clicking the option under “Choose Output Path”.
  • You can likewise set the resolution of the file under “Choose Resolution (DPI)” option.
  • The image file can be obtained in color or black and white. This can be set under “Colors”.
  • Click the option “Convert” to begin the conversion procedure. You will get your converted files in just a few

There are some advantages using this software to make your file more professional:

Once the JPG to Word Converter completes the conversion process.You are capable to edit the text into your desired format with all kinds of word processors,for example,Microsoft Word. You can also integrate this converted file with any web page, use compression tools and compress the document in less space. This software also support screen readers or speech synthesizers to decode the file and read the content in it

This software is efficient to protect your files using password protected watermark. This will allow the user to limit illegal distribution of the files once the documents are watermarked and password protected, assuring that no one can illegally view or copy the information of your file.

JPG to Word converter enables to preserve text, graphics,and tables. This professional software is capable to maintain the logical structuring and formatting of the single as well as the multi-page document. The software is efficient to recreate accurately and reorganized complicated layout outputs formats such as tabled documents, legal documents, faxes, and graphics, photos that have been taken with both digital and advanced mobile phone cameras.

JPG to word converter can detect and correct orientation, the rotation, tilt and skew in the input images. It can easily identify the reconstruct broken text and characters to provide the best accuracy and recognition.

Conclusion

JPG to Word Converter is a useful tool as it makes your document editable. It has already been used by many organizations. It is valuable in industries that are massively scanning documentation, for example, law offices, government agencies, real estate firms, legal departments, healthcare organizations,andfinancial companies. This software helps in restoring the files at one’s convenience, making life better and easier for everyone

4 Ways to Improve Your Company’s Customer Experience Strategy

Nowadays, consumers are savvier than they ever were. Businesses that wish to engage their customers and ensure their loyalty must provide more than exceptional product or service quality. As a matter of fact, it’s all about the customer experience these days. What exactly is customer experience? Simply put, customer experience is the sum of all interactions a consumer has with a company both pre- and post-purchase.

What’s more, a customer experience strategy is a company’s effort to make those interactions meaningful, seamless, and exceptional, in order for them to form an outstanding experience for the consumer. The better the experience companies are able to provide to customers, the easier it becomes to ensure their satisfaction, engagement and even loyalty. Not only that but consumers generally prefer to do business with companies that can provide a seamless customer experience. That being said, here are a few ways to improve your company’s customer experience strategy.

Understand your customer needs

Nowadays, customer experience revolves around ensuring your company is able to meet customer expectations, needs and demands. In order to achieve that, you must first understand your audience well and also understand their needs. Market research, for example, allows you to gain insight into your target audience and discover who they are, what they do and of course, what they like.

Also, a competitive analysis allows you to learn more about your customers from the way your competitors treat their customers and how customers are responding to that experience. However, the essence of understanding customers is to put yourself in their shoes and determine what you would expect from a business or a brand. This will help you develop a more strategic approach with a focus on the customers themselves. It will allow you to improve your strategy and deliver an exceptional experience to your audience.

Improve customer support

It’s no secret that you cannot expect from every individual customer to immediately understand how your products, policies, services or something similar works. Sooner or later, someone is bound to get confused and seek support. You must be able to provide customers with answers or solution because customer support is also a crucial element of customer experience. As an example, even industry giants, such as Apple have a unique approach when it comes to customer experience, especially support.

There are various Apple store locations worldwide that can easily be found with a simple search. Apple’s take on in-store experience is to train staff to deliver value to customers through service and support, instead of just trying to sell a product. Therefore, whether your company is interacting with customers online, offline or both, make sure you provide adequate support on each access point. That way, you ensure there are no inconveniences or misunderstandings that may ruin customer experience.

Hire the right staff

When it comes to improving your customer experience strategy, it’s important to remember that, in most cases, customers interact with your employees. Therefore, employees are also essential in delivering a seamless experience whether through service, support or some other method. When improving your strategies, consider hiring the right employees with the right people skills, if you haven’t done so by now.

Employees can establish and encourage emotional responses in customers, which will improve customer relations with your company. In other words, customers are more likely to relate to your brand when they interact with the pleasant and helpful staff because those employees help humanize your brand. Human interactions are much more meaningful than customers having to interact with machines or automated responses. Customer experience improves when customers can find assistance from the staff should they need assistance in the first place.

Listen to your customers

Another approach to your customer experience strategy improvement is to listen to your customers. No doubt that expert consultants in your company will give you valuable advice on how to improve customer experience, but in the end, it’s the consumers themselves that get to decide if the experience is good or not. That being said, it’s better to get information from the audience you’re trying to serve. You can start by asking your customers for feedback.

For instance, are they satisfied with your current efforts, are there any improvements they’d suggest, is your customer service and support meeting their needs and so on are just a few things you should focus on learning from your customers. What’s more, acting upon your customers’ feedback not only helps you improve overall customer experience but it also grants you customer appreciation as well. In fact, consumers are much more willing to conduct repeat business and remain loyal to companies that listen to them, especially companies that are willing to improve, in order to meet their customers’ needs.

 

Customer experience plays a vital role in business success. Not being able to provide a seamless customer experience will ruin your business regardless of the product or service quality you have to offer. Consumers want to do business with companies that can provide them with an exceptional customer service, support and overall experience. That’s why it’s important to improve your strategies and ensure customer satisfaction.