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It’s still possible to have a business based on poker in 2018. However, it’s going to be hard work, not easy money.

The fact of the matter is that people can and do make a long-term living playing poker. Hundreds of famously televised pros and thousands of online grinders will attest to that. Still, the online poker scene has changed and evolved. What’s more, legislation has made it harder for some populations to play. And meanwhile, the competition is now stiffer.

Therefore, poker is not easy money. But is it still possible to make a living out of the game if you are transitioning in 2018? The short answer is yes. However, you are going to have to work hard for it.

 

The Golden Days of Poker

Online poker now has a 20-year history. Enjoyed among friends for “play money,” the early games people played in 1998 used simple programs. It was all recreational at that point. In other words, no money changed hands online and no platform yet facilitated real-money games.

Beginning in the early 2000’s, there was an explosion of online sites and players. In those days, websites used proposition players to fill tables and get games going. These players received an hourly rate to play on the site. The idea was that fuller tables would bring in more players.

The so-called golden days of poker began in 2003. That year, the World Series of Poker (WSOP) was televised. It used new technology employed by ESPN that allowed viewers at home to see players’ hole cards via built-in cameras in the tables. Now, it was exciting to watch poker tournaments!

In the same year, Chris Moneymaker, a complete amateur, made it to the WSOP by winning a $40 online satellite. Surprising everyone, he won the tournament for $2.5 million. Suddenly, it seemed like anybody could become a millionaire by playing poker. Many subsequently believed that victory was in reach for every average Joe who could access the Internet and learn hand rankings.

 

The Online Game Was Mostly Unregulated at First

Online poker was mostly unregulated during those years. Further, following the highly publicized WSOP, online sites stepped up their marketing efforts to attract new players. The “poker boom” catalyzed and entered pop culture almost overnight.

From around 2003 to 2006, and arguably for a while after that, the online poker world was characterized by simple banking and seamless transfers. There were full tables of both cash games and tournaments and a high ratio of weak to strong players. If you knew how to play basic poker during that time and applied a tight-aggressive style effectively, you could become a profitable player easily.

If you were good back then, you could clean up low-stakes cash games and sit-and-go’s. You could therefore grind out a steady profit with a high edge over the competition. Having a business based on poker was a little easier then.

 

What Changed?

The game experienced a boom of growth. Then governments around the world caught up and started to legislate. Some banned poker altogether. Others made it hard for sites or players to make transactions.

In 2006, the Unlawful Internet Gaming Enforcement Act made it illegal in the U.S. to process payments related to online gaming. This marked the start of the end of the U.S. market. “Black Friday” in 2011 saw top sites’ domains seized. These actions wiped out the market overnight, taking with them a significant chunk of recreational players. Subsequent legislation around the world led to a more fragmented scene. That is, players who could legitimately partake could only play against others in their own countries.

 

Image Credit: 888Poker

Countries around the world have varying legislation for live and online poker.

Regulations are one part of the picture. However, the game is also harder now because the players are better, which is logical. When the “boom” happened, many people were at the same level—mostly clueless. As time went on, players read and learned more about the game. They improved their game or learned to stopped playing after losing too often.

There are also more resources now available. These include published books, online training sites, and forums. Consequently, the general level of players has moved from clueless to competent. Nowadays, more people are grinding small edges even when playing low-stakes poker cash games. With a higher number of competent and decent players and fewer fish swimming in the ocean, you need to get good if you want to make it!

 

What Does It Take to Turn Poker into a Business?

To be a professional, and to have a business based on poker in 2018, you need to be more than competent. You need to be way ahead of the learning curve. You must always be reading, analyzing, and improving your game. It’s a real commitment. It always has been. It’s just that now you will probably be plugging at smaller edges.

However, when it comes down to it, you should be passionate about any business you start. The time, effort, and dedication that it takes to play poker for a living are the same as with any other industry. If you catch it young, then you might get lucky and ride an easy first wave. However, once the competition catches up, you must stand out and be better than the rest. If you are prepared to become better than the rest, then the world is your oyster.

 

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The truth is there are many factors to consider when deciding whether a business is right for you. You need to think about how much funding you need. This is known in poker as bankroll management. You also need to weigh up the risks and balance them against your desire to make it. Moreover, if you don’t have the burning flame inside you, then remember you can also stick to playing poker recreationally and have fun with it!

There was a time when you needed to visit banks to get a commercial loan. This was a difficult time for smaller businesses. They were unable to get the loans they needed like the big companies did. But things have started to change. For one thing, the Internet has opened an easier way for new companies to reach lots of customers within a short time. For another, small- and medium-sized businesses can now depend on online lending to get the funds they need.

What’s more, online lenders have become the most sought-after alternative. This is especially true for smaller businesses. You’ll find hardly any old-school lending these days. Everything is done online instead. And both the lender and the borrower are reaping the benefits of online lending.

However, every online lending business has its share of headaches. Here we offer solutions to some problems that are common in the industry.

 

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Bring in Transparency

Lenders must keep track of their lending details and their sales activities. To this end, they hire employees to track these activities. They make use of spreadsheets, notebooks, accounting software, and calendars. Even so, extracting a particular piece information can be a tough job. To make matters worse, keeping track of all of the details costs money, time, and effort. This is especially the case if a business tries to do this tracking manually.

However, all this can be easily managed. What it takes is a centralized system to keep track of progress and offer forecasts. This is where online lending software such as Turnkey Lender can be of great help.

Turnkey Lender is an integrated solution. With Turnkey Lender, business owners have details about their customers at their fingertips. Moreover, the software offers transparency and quick loan processing. This helps an online lending business to provide fast, quality service. What’s more, with the help of this software, lenders can more easily achieve their goals.

 

Ease the Loan Origination Process

Processing and closing loans can be a tedious job. Every loan application takes many hours to process. Furthermore, bottlenecks can slow things down. That’s because many online lenders have no systematic and comprehensive way of tracking a loan application from start to finish.

However, when an online lender uses online lending software they can better manage each loan application. What’s more, they can do so quickly. Lenders can easily see the status of any loan whenever they want to, right on their computer screens. No longer must they engage in the cumbersome and time-consuming process of trying to track loans manually. Moreover, they can use the time they save to improve the business and its profitability.

 

Track Critical Documents

Tracking the documents that are associated with a particular loan is another laborious task. Moreover, there is great risk for the institution as well as for the borrower if documents are mishandled.

 

 

Implement an Effective Loan Review System

It is important to keep the financial information of the business up-to-date. This facilitates a smooth loan review system. What’s more, a company’s loan review system must always be ready to identify loans with credit weaknesses.

Additionally, the system should identify trends that affect the collectibility of the company’s portfolio. Moreover, it should assign risk grades based on the data in the system. These processes are essential for the smooth functioning of an online lending business. However, this is not possible without the help of good online lending software.

Basically, lending software streamlines loan processing and collection. It tracks activities and receipt dates for quick and easy access. For example, a borrower’s failure to update his or her financial information could suggest that he or she is facing financial difficulties. With software that notifies the business owner, the lender has a chance to quickly identify such borrowers and take quick action.

 

Ensure Fast Action on Default Borrowers

Online lenders must identify default borrowers promptly. That’s because too many default borrowers can cause a great deal of damage to an online lending business. To this end, online lending software quickly transfers problematic loan accounts to the company’s special service department for fast action.

 

Find Solutions to Your Online Lending Company’s Problems with Quality Software

In short, if you want your online lending business to be efficient and profitable, you’re going to need quality online lending software.

 

About the Author

Vit Arnautov is Chief Product Officer at TurnKey Lender, with special interest in fintech, credit scoring, and investments.

It is never too early or too late to start your own business. For example, check out these inspiring stories about five golden youth. These young entrepreneurs are busily running their own businesses and earning six figures a year, all while still going to school.

 

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The Making of a Successful Young Entrepreneur

There are plenty of ways for college students to go out and accomplish great things. Take your inspiration from the young achievers below.

 

Kevin Gelfand

At the tender age of 23, while he was a student at San Diego State University, golden youth Kevin Gelfand co-founded a company that produces protein drinks.

Kevin stepped out of the San Diego University gym in July 2010, sipping on a warm and lumpy protein drink. “It tasted like dirt,” he says. He decided to mix his own healthy and delicious cocktail of fresh fruits, nonfat milk, and protein powder. It tasted so good Kevin decided to start a company based on the recipe.

He called his gym buddy Martin Reiman, another golden youth. Kevin told Martin about his business ideas. Together they came up with more than 60 different cocktail tastes. They decided to call the company Shake Smart. Before long, they had set up a Shake Smart kiosk near the gym. Almost immediately, they were selling as many as 120 drinks a day.

Kevin graduated from SDU in June 2012, but the story doesn’t end there. This spring their company opened its second location. Kevin and Martin expect the company to earn around $740,000 this year.

 

Alexandra Abraham

In May 2010 Alexandra Abraham was a student at Seattle University. Another of our golden youth, she was working at her job as a waitress when she slipped on the wet floor and landed on her back. However, she was more annoyed than hurt.

In order to prevent such slips, Alexandra asked her boss to install a basin that would catch the drips from washed dishes. However, her boss told her that such thing didn’t even exist!

Alexandra didn’t believe him, and she spent the next few months trying to find one on the Internet. She didn’t find one, so Alexandra created a small plastic tray herself. What’s more, she found a Chinese manufacturer who agreed to make a prototype. Alexandra called it DripCatch.

Alexandra sold 600 DripCatch trays in 2012. Moreover, she earned almost $1 million from DripCatch that year. Alexandra was completely focused on her business idea during that year. Therefore, research paper writing service was her best friend in school.

 

Sam Barnett

Sam Barnett was 22 and a student at California Institute of Technology when he started a fund that uses a special computerized quantitative model to trade money. Called SBB Research Group, the fund grew out of Sam’s early interest in the stock market.

Sam grew up in Highland Park where his father runs a real estate investment business which invests in real estate. When he was only 10, Sam asked his father to buy him some stocks from Emerson Electric. The stock price for Emerson was pretty cheap at the time, so his father did as Sam suggested. However, the stock rose 25% within a only couple of months. By the time Sam left home for college, he had about $250,000 of his own money.

In the year 2010, Sam developed a computerized quantitative model for trading his money. He found investors who were interested, and SBB Research Group was born. His fund is now worth $50 million, and this golden youth is thinking about opening another fund.

 

Oliver Bogner

Oliver Bogner is 19 and a student at Chapman University. He also owns a company called Bogner Entertainment, which produces reality shows.

Oliver started his company when he just starting high school. At the age of 13, when most young people are learning about persuasive writing, Oliver convinced his grandmother to become his first investor. He wanted to buy audio equipment to become a DJ. By the time he was 15, he had earned more than $100,000. Oliver’s father, aware of his son’s talents, suggested to Oliver that he start producing reality television.

At the age of 19, Oliver is the youngest executive producer of reality TV in Los Angeles. He sells the TV shows he creates to various cable networks, earning around $100,000 from such deals.

 

Riley Goodman

Riley Goodman and Jake Director have been friends since grade school. Together, they had long nurtured a dream to start their own business. Since they both played lacrosse, their idea to develop high-quality socks for lacrosse players was a natural. These days, 25 stores sell Strideline socks, and the company earned around $200,000 last year.

Riley is now a senior at the University of Washington.

 

Are You a Student with an Idea for a Business?

Starting your own business while you’re still a student can be challenging. However, as these five golden youth illustrate, college students can take the plunge and start successful businesses. If you have a good business idea, what’s stopping you from kicking it off?

Why not take a high school or college-level entrepreneurship class? Talking it over with a teacher and other students could help you to understand the entrepreneurial process more clearly. If you are passionate about your idea, it just might become the next big thing.

Being profitable is what your business is all about, right? However, increasing your company’s profitability is easier said than done.

About 90% of all startups fail within the first five years of their operation, largely because they’re not profitable. However, if you have a good idea and you’re willing to work hard, it is possible that you can make your business a success.

Here are six things you can do to increase your profits.

 

#1 Understand Your Profit Margin

Understanding your profit margin means that you know precisely how much time and money you’re spending on a particular product. Therefore, you know whether you’re making a profit on that product. Once you understand the profit margin you can make adjustments to allow for more profitability.

To better understand your profit margin, answer the following questions:

• Has your production cost increased?
• Would people be willing to pay more for your product?
• Are your competitors selling at a higher rate?

Answering these questions will help you to know if it might be possible for you to make some changes. For example, increasing the price might be profitable even if a price increase results in fewer sales.

Consider this example:

You sell pens for $5 each and make $1 on each sale. You are able to sell 1,000 units in a single month. Therefore, your profit is $1,000 that month.

The following month, you decide to push the price up to $6 for each pen. Now your profit on each unit is $2. However, sales fall to 700 units during that month. Still, your profit is $1,400. This makes your pens more profitable, despite the fact that you had fewer paying customers.

Nonetheless, you’ll need to make such decisions carefully. It’s quite possible, for instance, that you could lose a large number of customers and end up with a loss.

 

 

#2 Cater to Your More Profitable Clients

Especially in the service industry, some clients are more profitable than others.

Let’s assume you run a day spa. Everyone who comes to your spa for a massage pays the same amount of money for your services. However, some of your clients come in more regularly.

Such loyal clients deserve your special attention. After all, they contribute a large portion to your spa’s profitability. Therefore, cater to them by offering loyalty programs and other such benefits.

 

 

#3 Focus on Your More Profitable Products

Focus your efforts and energy on pushing your best-selling products or services to your clients. For example, consider how Microsoft promotes their products. They offer thousands of products. However, they seldom promote anything as much as they promote their operating system. So be like Microsoft: Sell more of what brings you more money.

 

#4 Apply for a Loan

Taking out a loan at the opportune time can turn out to be the best thing you ever did. This is especially true if you are having difficulties in managing cash flow.

Use loan money to invest in new infrastructure. Alternatively, use money from a loan to market your products better or hire new employees. Perhaps you could even take on that big project you’ve been meaning to tackle. Any one of these actions could improve your bottom line.

However, be careful about applying for a loan. Ideally, look for loans that are easy to obtain and require no collateral. Moreover, only accept a loan if you are sure you’ll be able to pay it back. Otherwise, you could jeopardize your company’s future.

 

#5 Consider Automating Your Processes

About 49% of companies currently use automation for generating leads. About 80% of those which do see an increase in successful leads. Most of them will tell you that automation reduces their costs. Therefore, it makes their businesses more profitable.

Use automation to optimize the shopping cart on your website. Also, use accounting software to automate accounting tasks such as invoicing. Automating your processes will require a large investment. However, it’s an investment that will pay off in the long run.

 

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#6 Improve Your Marketing Skills

No one will buy your products if they are not aware of them. Therefore, learn all you can about marketing, and consider it one of the most important aspects of running your business. Marketing is the only way to increase your customer base, after all. Get creative, learn from the masters, and consider using various marketing channels to improve your company’s sales—and its profitability.

Have you ever thought about why people expand their businesses to America? On the other hand, have you wondered why they don’t? America is a business hot spot. It holds the status as the largest economy in the world. You might would think that would be as a good enough reason as any to do business there. However, the US does have its flaws. Therefore, some people decide not to do business there. Recently, UK business owners shared why they were reluctant to move their businesses to the US.

 

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Survey Reveals Attitudes of UK Business Owners Toward America

A survey was recently commissioned by American expansion experts Foothold America. The results revealed a number of reasons why business owners in the UK are hesitant to expand their businesses overseas.

For example, the election of Donald Trump prompted 51% of UK-based business owners to admit that they were either less or much less likely to expand to the US. Moreover, almost half of UK business owners said that US politics in general would deter them from expanding to America.

 

Some UK Business Owners Look on the Bright Side

It isn’t all doom and gloom, however. That’s because business in America is thriving. Therefore, if you own a business in the UK, expanding your business to the US is likely to have many benefits.

Some of America’s main attractions are their access to world-class talent. What’s more, there is no language barrier for UK business owners. This point is favored by 46% of male business owners in the UK. For some, better weather made the US a more appealing location.

 

Review the Survey Results Below

If you would like to know more about UK business owners’ thoughts on business in the US, you’ll find some interesting statistics on the data cards below.

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As the owner of a small business, you understand that your business does not exist in a vacuum. For one thing, you must continue to take care of your personal responsibilities as well as those which pertain to your company. For example, do you have a child who needs some help with a science class?

When children get into the upper levels of science, such as chemistry and physics, some have a difficult time keeping up. Moreover, as kids age, they begin to develop special interests and talents. Some are better at the arts, while others take to math and science. This can be frustrating, especially for kids who have always done well in school. They may begin to have a fear of the sciences that can lead to poor performance in science class. However, modern technology has made tutoring extremely convenient and efficient.

 

 

Various Degrees of Help

Online tutoring is a great way to fit homework help into your child’s schedule. What’s more, it is also a great opportunity for teachers to make extra money on the side. Online sites for academic assistance offer various degrees service. For example, perhaps a student is stuck on only one question. Help can be limited to a single time, as-needed, experience. What’s more, you can access everything from detailed concepts to study notes and paper editing. Moreover, science is only one of the many subjects that tutors can address. Additionally, face-to-face tutoring on a regular basis is also available.

 

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Specialties

High school is often the time when students begin to take on more in-depth concepts in all subjects. Often, several science credits are required for graduation. Your child’s science class might be biology, chemistry, or physics. These are the most common courses that high school students all over the country take.

Further, upper level English, history, and math are also included on tutoring websites. A student can simply log in and receive chemistry homework help. Experts in all subjects are available for more detailed sessions. These can include instruction from college students or certified teachers.

Tutoring is effective because students often need a different perspective to grasp scientific theories and concepts. One-on-one instruction adds the extra explanation that may be missing from classroom lessons in their science class.

 

Self-Esteem and Science Class

When kids begin to fail courses, their self-esteem can plummet. This often causes an even faster decline that can include several subjects. Moreover, it can be difficult for them to raise their grade point average (GPA) once this cycle begins.

However, when help is available, students often feel more hopeful about their abilities. Once they receive help, their self-esteem often begins to improve. Moreover, tutors guide students through their work in a way that helps them learn how to do it on their own.

Some students may only need help for a short time. On the other hand, others may rely on science tutoring throughout their high school career. It is worth the extra effort, however, as the teen years are difficult enough in many ways. Adolescents don’t need the added stress of a lowered self-image due to falling grades, especially when this can be so easy to avoid.

 

Conclusion

It is not reasonable to expect kids to excel at every subject without occasional help. What’s more, science classes become increasingly more difficult as the years pass. This is great for those who wish to pursue science as a career. However, it can be daunting for those with other talents.

Many students who have issues with a science class may also need tutoring for upper-level math courses. A specialized tutor can help your child’s grades improve. What’s more, a tutor can help them to feel good about themselves.

If you’re looking to learn about digital marketing agencies, look no further. That’s because this guide will tell you everything you need to know. We’ll talk about the roles, the work, and what you can expect as a client. In short, this guide to your digital marketing agency is here to help.

 

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What Is Digital Marketing?

Digital marketing is marketing that you do online. Basically, digital marketing agencies engage in the following six disciplines:

1. Search Engine Optimization (SEO)

If your site has robust SEO, it will rank higher on search engines such as Google, Bing, and Yahoo. This means your prospective customers can find you more easily.

SEO relies heavily on keyword research. Further, the process involves building links, optimizing content, and improving your site overall. All of these things will make your site more search-engine-friendly.

What’s more, continuously improving your SEO needs to be a long-term strategy.

2. Paid Search Advertising (PPC [Pay Per Click])

If quick visibility is key, then PPC is for you. Also called “paid search advertising,” PPC involves advertising on Google and Bing. With a PPC ad, your site will be displayed above organic search results. Then, Google and Bing charge your account whenever anyone clicks on your ad.

In contrast to developing your long-term SEO game plan, PPC works as a short-term strategy. However, it goes hand-in-hand with SEO. Both SEO and PPC are forms of search engine marketing.

3. Content Marketing

Content marketing involves creating quality content. Think images, videos, blogs, and articles. Quality content is a big part of robust SEO. Plus, content is a great way of building a brand and engaging users. However, this is true only if your content is interesting, engaging, and informative.

4. Social Media Marketing

Social media marketing involves managing social media accounts. In other words, you engage on sites such as Facebook, Twitter, and Instagram. Your posts on these channels will help to spread the word about your brand.

As with content marketing, it involves creating engaging content for your followers. Additionally, it includes paid advertising on social media platforms.

Social media marketing is primarily about engaging users and driving traffic to your website.

5. Influencer and Affiliate Marketing

Influencer marketing happens when you persuade people who have lots of followers on social media to market your business on their sites.

Similarly, affiliate marketing involves collaborating with industry experts (affiliates) to market your business through content creation, often on their blogs.

These forms of marketing are especially great for driving sales of your products.

6. Email Marketing

Email marketing is a form of direct marketing. Using mailer tools and subscriber lists, you target specific consumers. Then you approach them through their email inbox.

In your messages, you can inform them about your products. Alternatively, you can pass along information or special offers.

 

Digital Marketing Agency Roles

As for who does what in an agency, below is an overall summary.

Executives and experts do the actual work on the campaign. Perhaps they will optimize a site for SEO. Or they might manage posting for social media marketing. Regardless of the specific task, you can count on having at least one of these experts working on your account.

Large agencies with big clients who spend a lot of money generally have someone who oversees the work of the experts. Account managers are the people who make sure everything runs smoothly for those big-spending clients.

• Marketing or Department Managers

You’ll generally find marketing or department managers in smaller agencies. Their roles are similar to those of account managers. They help to ensure that all goes well with clients’ accounts.

Department heads oversee the individual departments. They are ultimately accountable for clients’ campaigns and strategies.

Directors sit at the top of the organization and supervise the work of the department heads.

Naturally, these roles can vary widely from agency to agency. For example, in some large agencies there are separate department managers for PPC, content, social media, and so on. Additionally, some agencies employ creatives such as web developers and graphic designers.

 

What to Expect from Your Digital Marketing Agency

Always look first at the services the agencies offer. A good agency will offer only a few services. However, a great agency will offer all forms of digital marketing. Below is a checklist to help you make your decision:

• Look for agencies that have a portfolio of work.
• Review their case studies and read testimonials from other clients.
• Make sure your digital marketing agency understands your vision of your company.
• Inquire about how the agency communicates and reports. You’ll want to receive regular updates on your campaign.
• Make sure you will have a point of contact at the agency.
• Before you sign on, be sure that your agency will be willing to make changes if your campaign is not yielding results.
• Ensure that you can trust your digital marketing agency to report honestly to you.
• Finally, make sure you relate well with the people at the agency. You’ll be working closely with these people. Therefore, a friendly working relationship with them is key.

Finally

An investment in digital marketing—with the right agency—will pay off in spades for your company. We hope we have helped you to understand how it all works with this post.

You should always purchase any insurance policy with care. This is especially true in the case of commercial vehicle insurance.

In order to gain access to the most appealing benefits, it can be helpful to know a little about what you’re looking for before you contact an insurance company. Most small business owners appear to be targeting certain benefits over others when it comes to commercial vehicle insurance. Among them are the following:

 

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Insurance Company Stability

If you or one of your employees were to have an accident with one your business’s vehicles, you would want immediate service from your insurance company, right?

Imagine, then, discovering that your insurance company has gone bankrupt and can’t provide you with the financial coverage they initially promised you. This could happen if your insurance company only recently entered the industry. Therefore, look to see that the company you’re dealing with has some longevity and stability.

Do some research even before you contact them. Look into various aspects about the company that can give you some clues. For example, how is the firm doing in today’s market? Are they making an actual profit? For how long have they been in businesses? Are there any red flags regarding their stability?

Don’t just rush into anything just because one company presents you with what appears to be a great commercial vehicle insurance deal. If you do, you might end up making an unpleasant mistake.

 

Powerful Clientele Range

Smart business owners who rely on commercial vehicle insurance generally look into the insurance company’s list of clients before they purchase a policy. If you can see that other successful businesses are clients of the firm, you’ll know that you are considering a reliable option.

Learning about the insurance companies used by Uber or Lyft drivers, for example, can be a great starting point. Those who have entered the ride-sharing business are usually careful with their choice of commercial vehicle insurance. Therefore, the companies they rely on are likely to be reliable and trustworthy.

If you don’t have any acquaintances who can provide you with advice or recommendations on commercial vehicle insurance firms, do a search on the Internet. Look for forums where discussions about commercial vehicle insurance are taking place. You’re bound to learn about the most popular options. This will give you a starting point in your hunt for the best commercial vehicle insurance.

Additionally, read referrals and testimonials. These will simplify your selection process, too.

 

Customization Opportunities

If you have specific needs about your commercial vehicle insurance coverage, seek a company that offers customization. Some companies on the market have pre-planned packages. Others, however, are characterized by flexibility. These companies will allow you to personalize your policy so that it’s best for your situation.

Therefore, when you are contacting different firms, make this one of the first questions you ask. Regardless of the nature of your business and what you plan to use the vehicle for, you should gain the level of financial protection that matches perfectly to your case. Flexible policy terms and conditions will make this possible.

 

Customer Service

When you are not familiar with commercial vehicle insurance, it’s important to work with insurers who can make things clearer for you. Importantly, you’ll want someone who will give you the support you need. An insurance company with excellent customer service will always be the better and safer choice.

Notice if the agents you contact are taking their time to fully explain their offers in terms you can actually understand. If they are clear and transparent in their responses and are dedicated to helping you, it’s a sign that they value you as a potential client.

 

Reasonable Prices

Finally, make sure you spend some time comparing prices. It’s probably not the wisest choice to go for the cheapest option. That’s because the cheapest deal might not give you the level of coverage you need.

However, you can still get a great deal if you consider your options carefully. Different insurance companies might charge different prices for similar benefits. Research is key in this situation. Therefore, get quotes from several firms on the market.

Since commercial vehicle insurance policies are priced higher than policies for individuals, a commercial vehicle insurance policy that comes with a fixed payment plan might be a good choice. At the very least, you should seek any opportunity to lower your costs if you can.

 

 

Make the Right Choice for Your Commercial Vehicle Insurance

When it comes to choosing a policy for your business’s commercial vehicle insurance, be sure to do your research. You never know when you’re going to need for your insurance policy to come to the rescue. Therefore, making the right choice is truly important.

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If your sales team is underperforming, sales enablement may be the solution. A sales enablement platform streamlines the sales process. However, sales enablement isn’t a catch-all solution. It can’t fix fundamental problems with your team members or management.

It’s important to look at the many internal factors that could be causing your sales team to underperform. You need to identify whether the problem lies with your processes or with even deeper issues. In this article, we look at some of the main problems that cause sales teams to underperform. We also ask whether a sales enablement platform can resolve these problems.

 

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The Top Reasons Why a Sales Team Underperforms

There are a number of reasons why sales teams underperform. Some of these are easier to fix than others. The reason might be critical flaws with your business’s offering. Or maybe it’s a lack of incentive for salespeople or something else. The severity of the reasons will determine how you should address them and if sales enablement can play a part.

Why Sales Organizations Fail

The success of any sales organization is dependent on several factors. Issues with just one of these can cause sales teams to fail. Therefore, it’s critical that you have a solid foundation for your sales team to build on.

In an article for the Harvard Business Review, “Why Sales Organizations Fail,” Steve W. Martin outlines the four sales stages where failure can happen.

The important lesson here is that you need to make sure your organization as a whole is functioning properly. Further, you need to ensure that your processes are set up for success. What’s more, you must do this before you evaluate your sales team’s underperformance.

 

Why Sales Teams Underperform

There are a number of reasons sales teams underperform. Some are directly related to the failure of the organization as a whole. Still others come down to management, team leads, and individual salespeople themselves.

1. Sales reps are not given the credit they deserve.

Some organizations view sales reps as being at the bottom of the food chain. In reality, however, your sales team plays a vital role. That is, they create business and keep the sales pipeline alive. Without sales, the company will fail.

Unfortunately, sales teams are often forgotten when praise is given in the boardroom. Their contributions aren’t even acknowledged at times. Moreover, some business owners believe that sales team members are expendable.

On the contrary, however, there are significant costs—in terms of time, money, and company morale—that accompany the hiring and training of new people.

2. There is no clear mission.

Selling more of X and even more of Z does not qualify as a mission. This is not a rallying cry that readies your sales team members to tackle the market.

Salespeople are human and they need purpose. That is, they need to have something bigger than themselves that they believe in. This helps them make that vital connection with their prospects. Having a clear vision gives your sales team pride in your business. If you don’t have a coherent mission statement that is unique to your business alone, your sales will be severely affected.

3. There is no standard definition of the term “qualified lead.”

There have been epic battles between marketing and sales teams as to what constitutes a qualified lead. Such disparities within your business aren’t beneficial to the business. When one team—or multiple teams—bring in seemingly qualified leads, the result is wasted time and resources. What ensues are unnecessary debate and conflict between colleagues and numerous lost leads. Salespeople, having failed to meet their targets, are the ones that pay the price. And it’s a vicious cycle, as no one addresses the real issues behind underperformance.

4. Poor compensation plans and weak incentives lead to low morale.

Lack of compensation for successfully closed deals can lead to lower morale and decreased productivity. What’s more, it can significantly affect employee turnover.

As a business, you should be offering your sales team a fair commission bonus for closed sales. Such rewards motivate a salesperson to perform. Plus, they also make them feel that they are contributing something important to the organization.

And, after all, they are. It’s only fair that you recognize and reward their contributions.

However, don’t underestimate the effect of other incentives. Consider different ways you can motivate your sales team that aren’t just monetary in nature.

 

5. Weak people fill management and leadership roles.

As Jeff Pruitt, Chairman and CEO of Tallwave, puts it: “If your team isn’t selling, the first place to look is in the mirror. Do you have processes in place that put the customer first? Have you implemented a feedback system that gives performance reviews on a regular basis? Could you rattle off the key components to your follow-up strategy? If your sales team is disorganized, confused, and flying by the seat of their collective pants, it’s probably because there wasn’t a solid process in place to begin with.”

A sales team can only work with what they’re given. They must rely on the processes you have in place. If these aren’t working, it is not their responsibility to change them. Of course, salespeople who can recognize that processes don’t work, and who are proactive and intuitive enough to suggest new ways of working, should be rewarded. However, management must be able to acknowledge that change needs to take place.

 

How Sales Enablement Can Help

Of course, the problems we’ve outlined above are not things that any tool can magically fix. These are fundamental issues with processes and set ways of working.

Sales enablement apps and tools streamline the sales process. They can increase sales. They can help you train new salespeople. And they can improve communication between teams and departments. However, they cannot define a qualified lead for your individual business or write your company mission statement for you.

On the other hand, if you have structured your organization well and are actively supporting your team to make more sales, but you aren’t getting results, sales enablement can help.

Below are some examples of how your team will benefit:

1. Quicker responses to leads’ requests

This may be a familiar situation: Your salesperson is away from his desk meeting a potential client and hoping to close the deal. Everything seems to be going smoothly and they’re about to shake hands. At the last moment, the prospect remembers something and requests more information. If your salesperson doesn’t have this information on hand and they have to start the infamous back and forth, it could delay, if not completely derail, the deal.

Sales enablement platforms allow you to store documents in the cloud for quick and easy retrieval when you need them. You can also save sales materials, such as an expected timeline or pricing information. This will allow you to save time and close deals faster. This way, you can give your potential client the information they ask for immediately. This will leave no excuses for not closing the deal.

2. Presenting information that is conducive to sales

Collateral is crucial for appealing to your prospects. This does not necessarily mean beautiful graphics and impressive numbers. Although these things can help, they may not be what actually works. With printed collateral, or even materials on laptops, this is difficult, if not impossible, to measure.

On the other hand, sales enablement apps give you insight into which materials have the biggest effect on closing deals. This will help you to know what will deliver results.

3. Adapting to last-minute changes

Let’s say your salesperson is waiting to meet a potential client. They notice an email sent, just minutes earlier, stating that a person from their prospect’s legal department will be joining the meeting. What’s more, this person has some questions.

Your salesperson enters panic mode. They can’t access the information quickly and easily, and they certainly can’t edit their presentation.

A sales enablement tool, such as a mobile presentation app, allows your sales team to retrieve such information and add it to their sales presentations. What could have been a deal breaker can easily turn into the one crucial thing that closes the deal. Not only could it clinch the sale, but your employee will also score points for being prepared for any eventuality. This is crucial for client satisfaction.

 

Wrapping Things Up

If your sales team is underperforming, you should first evaluate your company processes. Are they robust enough to support sales? If your processes are sound, sales enablement could be the advantage you’re missing.

 

About the Author

Charlotte Powell is head of Design and Marketing at iPresent Ltd. She says, “Driven by beautiful design and a great user experience, iPresent allows me to use my range of creative skills in an open environment. Here everyone is passionate about their field, creating an epic Sales Enablement Platform and making sure our customers are happy.”

Whether you run a restaurant, a book store, a gym, or similar kind of business, success boils down to one thing: getting customers to come back. That might seem simple in theory. However, gaining customer loyalty can be tricky in reality.

 

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In any industry, there are dozens, if not hundreds, of competitors ready and willing to take your business. This is doubly true if you live in a big city. Your business needs to be creative to keep people coming back. One way to do that is by rewarding customer loyalty.

 

What Is a Customer Loyalty Program?

So what is a customer loyalty program? It is an infrastructure businesses can implement in order to reward their regular customers for bringing in their repeat business. You have no doubt seen punch cards offered by coffee shops and diners. Often, they offer something like one free coffee after the purchase of ten. Other sorts of businesses have adapted this model in unique ways. For example, used book and record stores—even tattoo parlors—have customer loyalty programs.

 

There Are Different Types of Customer Loyalty Programs

While punch cards are the most common, they are certainly not the only form of customer loyalty program. Certain businesses, like electronics shops and movie theaters, offer customers the opportunity to sign up for special memberships. Customers who sign up can accumulate points toward future purchases.

Discount cards are a similar way of encouraging customers to return. As a matter of fact, there are multiple ways to intrigue customers with these programs. Some businesses charge a small sign-up fee. Others charge month-to-month. Still others offer them free of charge.

The best way to implement a program like this is to offer customers plastic cards. This might seem expensive and logistically complicated. However, in truth it is quite simple.

Companies like Avon Security Products sell plastic card printers. These printers are quite easy to set up and use. Many of them include a camera and high-resolution photo printing. This means you can customize your cards however you’d like.

 

Why Not Use Email?

Another popular form of customer loyalty program is an email list. Offer customers the opportunity to sign up for weekly or monthly emails. These messages would inform of customers of your business’s various discounts, events, and workplace developments. Offer specials and coupons specifically for those people who have signed up for your email list.

Additionally, allow people on your email list early access to products, before you start advertising them publicly. Since they’ve signed up, they likely have more interest in your product than the average customer anyhow. Another benefit is that it will keep your business in the minds of those people who regularly receive your emails. In other words, they will think first of your business when they need something you offer. What’s more, they will be less likely to visit a competitor.

 

 

Show Your Customers Some Love

Why not just practice some random acts of kindness? For instance, give out free cookies or candies at the front counter. Offer 50% off coffee for people who come in during certain hours.

Perhaps you could dedicate a day to “pampering” your regular customers. For example, give out free donuts, special discounts, or coupons for other shops in the neighborhood. Build a reputation as a fun and friendly place that appreciates its customers. The more your customers know that they are going to be rewarded for their business, the more likely they are to return.