Posts Tagged ‘business tips’

6 Ways to Fix What’s Broken in Your Business

When you’ve been in business a while, it’s sometimes easier to bury your head in the sand than to deal with the issues at hand. You’re not doing your business any favors, however.  Look at these 6 scenarios, see what you can relate to, and take action to make positive changes for your company.  These are 6 ways to fix what’s broken in your business.

8-26 broken business small1. You Have Staffing Issues

One situation is that you’re a solopreneur and need help, but you can’t quite afford to hire a full-time employee. In this case, consider hiring a freelancer (great for design or marketing help), an intern (though you’ll have to do some hand-holding), or a part-time employee to fill the need. Consider, to find a great stay-at-home mom great to get back into the workforce.

If your problem is more with the staff you have (especially true for those of you who hire teenagers), it’s time to firm up your discipline. Create an employee handbook to ensure that everyone knows what’s expected of them. If they’re unwilling to follow the rules, tell them to hit the road.

2. Cash Flow is a Problem

If you are biting your nails until your clients pay you so you can pay your team or your vendors, you have a cash flow problem. Sometimes, clients pay late, but you need to make sure you have a contingency plan. Here are a few strategies.

First, you can enforce either a late fee or offer an early discount for your invoices. The idea is that those late paying clients will be motivated — either to save money by paying early or to pay on time to avoid a late payment fee. Another idea is to take out a line of credit so that you can access cash when you need it, then pay it back when you get paid.

3. You Don’t Have Time to Market Your Business

You’re too busy dealing with those staffing and cash flow issues to hop on social media and update your profiles or write any new blog content. With only a trickle of customers coming through your door, marketing should be a priority.  Consider hiring a consultant or freelancer to take over some of your marketing efforts. You can pay a flat monthly rate or per article, and it may be more affordable than you’d imagine to hire a professional. The important thing is to get those customers coming back in, and then that expense won’t even matter.

4. You Haven’t Put Money Back into Your Business

As soon as you’ve paid everyone, you take out your cut. But your computer is on its last leg, you need to reorder inventory, and your business insurance is pats due. You feel like there’s just not enough money to go around. While paying yourself is critical, it’s just as important to reinvest in your business. Set aside a percentage of your profits — say, 20% — so that when you need to buy a computer or software, you’ve got the funds.

5. Your Yelp Reviews are Going Downhill

It started with a nasty review on Yelp months ago that you ignored, and now it’s snowballed. It seems like every other review is negative, and you don’t know what to do about it. It’s hurting your business. First, take action. Ignoring a bad review is like bleeding in shark-infested waters. Even if things aren’t so bad at your business, potential customers will move on after reading the negative review. But examine the complaints in those reviews. They might give you the opportunity to straighten up an attitudinal employee or polish your product.

6. You’re a Workaholic

If you’re working on the weekends, every weekend, please stop. I get it; sometimes you just need more time to get things done. But remember that you need downtime in the evenings and on weekends to recharge your battery. Otherwise you will burn out and eventually hate your business.  If you must work after hours, set a timer so you don’t end up eating an entire day that you should have been spending with your family. Set rules for yourself so you don’t check your email when you should be doing something more relaxing.

5 Ways to Improve Your Internal Communication With Cloud Phone Service

Effective and efficient internal communication is key to business success and an enjoyable work environment, but the execution is not always as easy as it seems. Keeping appropriate team members informed and ensuring communication is seamless between employees, departments, and different locations takes a significant amount of dedication, effort and communication tools.  Luckily, technology, and specifically cloud-based unified communications services, have streamlined processes and made it easier than ever to stay connected and communicate within your organization.

Nextiva Office® is a robust cloud-based suite of products that will improve your internal communication. Below are five key features within Nextiva Office that will change the way your team communicates.

The Nextiva App

With features such as chat and Presence, it is easy to communicate with team members when you’re in the office or working remotely. Additionally, you’ll have your business phone at your fingertips so colleagues can reach you anytime without having to call multiple numbers to track you down.

Group Paging

Sometimes an email just won’t do. The Group Paging feature allows you to initiate a one-way call to multiple users. You can easily broadcast information to a group of people from the convenience of your office phone.

Call Forwarding

Reduce your colleagues’ frustration and wait time by automatically redirecting, or forwarding, calls to a third party destination, such as a phone number or extension based on circumstances you specify, when you are away from your office phone.


With the more advanced version of Voicemail-to-Email, Voicemail-to-Text transcribes your voicemails and sends them to you via email or SMS depending on your personal preferences. You’ll be able to quickly reference information mentioned in the voicemail when working with coworkers on a project. Also, easily share the message with colleagues to reduce issues that arise from miscommunication.

Quick Call Transfers

Quickly transfer calls and call team members in different locations or home offices via an extension. You no longer have to dial a full 10-digit number or ask the customer to hang up and call the other location’s direct number.

What tools do you use in your business for effective internal communication? 

Starting Small: Why It Might Be Your Best Bet for Business Success

8-19 business growth smallWhile you may have a large-scale idea for a new business, sometimes it’s better to take just a small segment of your plan and focus on starting your business on a small level. If this is your first business, you may want to target an endeavor that will help you build skills without wiping out your nest egg. A business that can succeed on a small level gives you great training wheels for building the experience, knowledge, and competency you’ll need to take your company to the next level. Here are several reasons why it might be your best bet  to start small for business success.

1. You’ll Save Money

Starting with a narrow scope of business means you can run it out of your extra bedroom or den. You won’t have to rent office space or furnish a suite. There are even tax incentives or deductions you can take to save money as you build your business on the small side. If you do need specialized space for your endeavor, you can investigate subleasing space from other entrepreneurs, which reduces costs.

2. You’ll Need Less Capital to Get Started

Bootstrapping is an effective strategy that allows you to grow into your business and keep initial financial outlays on the low end. Instead of stressing over technology requirements and phone systems, you can concentrate on creating your sales funnel or refining your product. The fancy phone system can come later (if at all). A lean business structure keeps you flexible and focused.

3. Learn as You Go

When you base your business on a hobby, you can start by making a handful of products, selling them, then growing when you’re ready. As your business takes off, you can educate yourself in other areas of running a business, creating a formal business structure, managing employees, and meeting regulatory requirements.

4. You Can Start Today

If you set your sights on a small enterprise, the barriers are lower and you can get going more quickly. You don’t need a huge infrastructure, massive staff, or complete line of products to get started. You have no excuse for not starting your business today.

5. Your Sweat Equity is Valuable

By doing everything yourself, you learn all that's needed to keep your company going. Of course, it’s great to hire out those things that you are not able to do, but if you have direct knowhow those experiences inform your executive decisions down the road. It will also help you make better decisions that impact your customers. While financial investment is necessary to building a business, your sweat equity is just as necessary to growing your endeavor. 

6. It’s Simpler to Run

Smaller companies are lean machines and often have higher profit margins because they are simpler to run. There are fewer costs associated with overhead and administrative requirements with a small-scale business, and you can reassess market changes frequently and pivot when necessary. When big jobs come through, you can team with other small companies or hire contractors to deal with the workflow if it’s more than you can handle.

Slow and steady wins the race. Start small. Test the market. Grow with intention. Sample the cheese before you bet the farm on your idea. When it comes to small business success, the truth is: scaled-down, slower growth companies do just as well as their big sisters.

6 Customer Service Trends You Need to Know About

A lot has changed in the business world since 2007, but perhaps what’s changed the most is how rapidly customer service expectations have risen. As customers evolve, your customer service has to keep pace. Just how are customers’ expectations changing? Customer2020, a new study from Accenture, has some insights every business owner should know about.

  1. They want it now. Accenture dubs today’s consumer the “Nonstop Customer”—which should give you a clue as to what type of service they expect. Customers don’t just want rapid resolution and minimal hassle—they expect it. If your business doesn’t deliver, they’ll move on to your competitor. Slightly more than half of consumers polled say they have become more impatient with the buying process since last year; two-thirds say they turn to online channels for customer service because they’re seeking speed and convenience.
  2. They have more options. Not only are consumers today more impatient, but they also have more places to go if they’re not happy with your customer service. Two-thirds report that the number of companies or brands they consider when making a purchase has increased significantly compared to 10 years ago.
  3. They care about what others have to say. Word-of-mouth has always been important to growing a business—but never more so than today. Last year, Accenture reported that 78 percent of consumers used at least one online channel when prospecting. Today, 88 percent do, which means they have many more opportunities to hear good (or bad) things about your customer service. More than half of respondents say they rely “much more” on other people’s experiences or reviews when making a purchase decision than they did 10 years ago. If bad word-of-mouth about your service spreads, either offline or online, you’ve got to turn it around.
  4. They’re itching to switch. Consumer loyalty isn’t quite a thing of the past, but it’s definitely become much harder to come by. Two-thirds of respondents say they have switched providers in at least one industry as a result of poor customer service. Six in 10 say they are more likely to switch providers now than they were 10 years ago.
  5. They want you to fix it the first time. Of those respondents who switched providers because of poor service, over 80 percent say the original company could have kept their business if their issue had been resolved the first time they contacted the company about it. In fact, first-contact resolution has been consumers’ number-one source of frustration for the past five years of the study—which suggests that companies aren’t getting much better at it.
  6. They still like human contact. While some consumers have “gone digital,” seeking to interact with customer service via online channels at every opportunity, many others of all ages still prefer traditional channels for resolving issues. To keep everyone happy (isn’t that the whole point of customer service?), your best bet is to provide a wide variety of ways for customers to resolve service problems.

By incorporating these six trends into your customer service systems, you’ll be able to step ahead of the pack and provide the kind of service today’s customers expect. 

Is a Cloud-Based Phone System Right for You?

Many businesses are beginning to realize that in addition to the economic advantages, cloud-based phone systems are more powerful than traditional phone lines. Cloud-based phone systems, often called VoIP, leverage broadband Internet connections instead of the standard phone line. The technology transforms voice singals in to a digital form that can travel over the Internet, which enables a low-cost but powerful way to make and receive phone calls from a variety of devices. Is a cloud-based phone system right for your business? Read through the infographic below to learn more about the business advantages of cloud-based communications solutions. 

Cloud-Based Phone System Infographic

To Win the Hearts of Today’s Consumer, Stand for Something and Mean It

A business that wants to win the hearts of today’s consumers benefits from standing for something and meaning it.  “Meaning it” is key: Customers are always on the lookout for corporate hypocrisy. One test for gauging an organization’s trustworthiness is whether it engages in greenwashing, the practice of merely paying lip service to environmental issues. Greenwashing is considered bad enough on its own, but customers also feel it likely to indicate hypocrisy at the company concerning other ethical issues as well. These knocks include the more general phenomenon called “causewashing,” where companies put up a façade of sympathetic labor practices, community involvement, ethical dealings with vendors, humane treatment of animals and more. One millennial I interviewed told me, “People my age are especially attuned to and adept at figuring out if a company is being pro-people or pro-environment in its marketing, and anti-peopleor anti-environment in its actions.”

With social media ubiquitous and “inside information” a Google search away, an organization can’t hope to hide its hypocrisy for long. A causewashing company, or any company that appears to differ between its words and its deeds, can find itself flayed online before it knows what happened. When Lululemon showed reluctance to take responsibility for a see-through yoga-pants debacle, it turned off customers, who had previously considered the company a paragon of New Age virtue, to the tune of a massive drop in share price. You’d do better as a company to emulate Starbucks and strive for honest marketing practices, walking the talk of your corporate philosophy. The coffee giant spends more than it needs to spend on coffee beans to buy only the most ethically sourced beans. It also famously shells out (heh) more on employee compensation by insisting on giving health insurance to every part-time worker, not just to the company’s full-timers

Transparency is a corporate attribute that today’s customers particularly value. And transparency is inherently an attribute that a business can’t superficially slap atop its brand. “I look for total transparency in a company I buy from—or, for that matter, work for,” says Adriana Dunn, a customer behavior and marketing expert and a youthful consumer herself. “I want to know what’s behind the brand.” Two brands that Dunn singled out for making transparency a cornerstone of their business practices are Everlane and Honest by. Everlane offers designer goods with transparent pricing and sourcing: Vendor practices, markup, and materials and production processes are laid out online for all to see. Honest by sells luxury brands with complete sourcing transparency. Its openness corresponds to its lengthy ethical statement, so lengthy in fact that I'm not going to strain your eyesight reprinting it here.

This phenomenon is significant, and extends to all demographics.   Three years ago, a study of consumer habits confirmed that shoppers are becoming “more deliberate and purposeful” in their purchasing decisions, and another study showed that 87% of consumers in the United States believe that companies should value the interests of society at least as much as strict business interests.  Today, with the rise of millennials (born circa 1980-2000) as customers, this commitment to values-based purchasing is becoming more pronounced than ever.  So getting ahead of the curve is key. 

Finally, The Top 10 Email and Text Acronyms Explained

8-13 Business Acronyms smallBusiness conversation is becoming more informal these days with the use of email and texting. The need to respond quickly has given birth to an entirely new vocabulary and acronyms. Many small business owners need to look them up to understand what people are talking about.

Here is your short guide to the most common acronyms and what they really mean:

1. EOM- End of Message. This is especially useful on mobile phones that only download the header for the message. By putting EOM in the title, the receiver knows that is the entire message and does not need to read further.

2. NRN- No Reply Necessary. A perennial favorite for the cluttered email box, this message means that it is FYI or “For Your Information” and does not need to be replied to (so don’t).

3. TLTR- Too Long to Read. Some people send long volumes of emails or very detailed text messages. This acronym is used to tell the sender to shorten it up and just send a summary. Sometimes it is written TL:DR or “ Too Long, Did Not Read”

4. Y/N- Yes or No. This asks for a simple answer from the receiver. Any further explanation is not required. They may respond IDK or “I Don’t Know”.

5. EOD- End of Day. This typically refers to when a task will be completed by or sets a deadline. It is interchangeable with COB or by “Close of Business”. Another acronym used instead is PRB or “Please Reply By”. A longer time frame is signified as EOW or “End of Week”. This is the opposite of TYT or “Take Your Time”

6. WFH- Working from Home. It is an increasingly popular option to not work in an office. This acronym is used to let the receiver know they are working, but will not be able to meet at the office. However, they are not OOO or “Out of the Office”.

7. LET- Leaving Early Today. Fewer jobs are 9 to 5 these days and this acronym is used to alert the receiver on a work schedule change.

8. SFW- Safe for Work. Many people are afraid to open attachments especially at work for fear of a virus. This signifies that it is okay to open whatever has been sent.

9. IMO or IMHO- In My “Humble” Opinion. No one wants to sound like they know everything at work. This adds humility to a response instead of stating it as fact. FWIW or “For What It’s Worth” can also be used.

10. ITT- In This Thread. Many times a receiver needs to follow the email thread to make sense of the entire conversation. This reminds them to read more.

BTW or “By The Way”, there are more acronyms that are important to know so you can LMAO. Look it up!

Creating a Spinoff Product Business From Your Service Business

Service providers deal in the commodity of knowledge. Your lawyer knows the intricacies of small business law. Your marketing consultant is well-versed in content marketing and social media. Your accountant knows how to minimize the hurt come tax time. All of them get paid for a transfer and application of their knowledge. But sometimes there’s an opportunity beyond providing services to create a complementary product business.

For me, as SmallBizLady, I get paid to work one-on-one with small businesses who need guidance and consultation. They pay for my knowledge and experience. But not everyone in my network can afford to hire me for a consultation. And that’s why I also offer information products at a much lower price point. People with tiny budgets can still afford to learn to be social media ninjas or become their own bosses through my books, mastermind groups and ecourses.

Catering to Two Markets: More Money for You

If you’re in a services industry, there are only so many people you can serve, especially if your prices are high. But what if you could also connect with another market, one who wants to read what you’ve learned and use it themselves to DIY whatever you’re teaching them?

What I love about having a product business is that once it’s created, I don’t have to worry about it. My products sell through my website and Amazon, and I don’t have to do anything to fulfill orders because they’re all digital products. So I’m making money on top of making money! Sound good to you?

Consider Who You’re Not Serving Currently

If you’re ready to spin off a new products business, start by considering who calls you but doesn’t end up becoming a client. What are they looking for? You’ll likely find several topics for ebooks, webinars, and courses immediately.

Do you attract a crowd of do-it-yourselfers? How can you share your knowledge to empower them to take care of specific tasks on their own? The more hands-on and detailed your instructions, the more successful your products will be.

See What’s Already Out There

You know what they say about not reinventing the wheel. Look at your competitors and see if they sell products, then figure out how you can fill a gap that isn’t currently served. Maybe you gear your content to a specific industry that you know is interested, or provide samples and templates that don’t already exist to help people.

Price Accordingly

Coming up with the perfect price point is always a challenge. You don’t want to alienate people who can’t afford your products, and you don’t want to charge so little that you don’t recuperate your expenses. Again, do some research to see what others charge and base yours on what you think you can get.

Where to Sell

Naturally, if you sell your products on your own website, you’ll get 100% of the profit, but setting up your site for ecommerce can take time and money. A quick solution is to sell on Amazon or on a digital products site like Gumroad. Yes, they’ll take a commission, but the traffic is so much better on these sites than your own, that you’ll likely make up for that chunk taken out in volume.

Adding a product business to your existing service business is the perfect balance: you provide in-real-time consulting, but you also make money while you sleep.

7 Ways to Use Social Media to Improve Your Customer Service

Your company’s social media presence is extremely important, and an essential channel to promote your brand image, but it’s not just about the content you’re posting to your company pages. The most important thing is what your customers are saying about your product/service, business and customer service. With so many different social media channels out there these days (Facebook, Twitter, LinkedIn, Instagram, Snapchat, etc.), it is important to establish a presence on the channels that your customers use most so you can keep an eye on what is being said about your company. Keeping tabs on how customers feel about your business provides tremendous insight to what you’re doing right and areas of opportunity that need to be addressed.

As consumers, we’re more likely to listen and trust our peers than a company’s well-crafted message about how great they are. It is important to remember that every interaction your customers have with your business has the potential to be shared on social media. Rave reviews, as well as rants about horrible customer service, can dramatically impact your sales, brand image and ability to grow.

In today’s digital age, social media breaks down the barriers between consumers and companies. There are huge advantages of this for both sides. Companies and consumers can now have a direct dialogue that wasn’t previously possible 10 years ago. However, as with anything, this comes with a downside. If customers have a negative experience with your product/service or a member of your team, they are likely to share it online, which can create a snowball effect of negative comments about your business. This is why it is essential to provide great customer service via your company’s social media channels to mitigate negativity and promote a positive brand image. 

Here are 7 tips we follow at Nextiva that will improve your customer service via social media.

  • Engage with people who post about your company on social media. Make it a two-way conversation. This builds loyalty and goodwill.
  • Know your customers and the social media channels they’re active on. Constantly monitor these channels so you have a pulse on how your customers feel about your product/services, customer service and brand overall.
  • Be personal with your posts and responses. No one likes to receive a canned response. At Nextiva, we reply via a personal  video whenever possible.

​         Video Response

  • Address customer questions, concerns and issues as quickly as possible. Speed is everything in today’s hyper-connected digital world.

         Responding to customer questions

  • Follow-up after a customer concern or issue has been resolved. This builds trust and shows others that you follow through. 
  • Download the app version of social channels your company uses so you can post and engage with followers from anywhere, at anytime.

​           social apps

  • Set up email alerts for your social media accounts so you’re always notified when someone mentions your company.  

Have some other tips for providing great customer service via social media? Share in the comments below.

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