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6 Ways You Could Seriously Mess up Invoice Factoring

May 1, 2018 by Asif Nazeer Leave a Comment

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After reading about all the benefits of invoice factoring for small business, you have decided to give this financing option a shot.

You fit all the qualifications required by most factors. That is, you are a business-to-business (B2B) or a business-to-government (B2G) concern. You have been in business for a few years. And you have plenty of reliable clients. What could go wrong?

As it turns out, there is plenty that could go wrong. If you don’t know how invoice factoring can harm you, you might be careless enough to make some serious mistakes. What’s more, these errors could jeopardize the stability of your business.

Before you begin invoice factoring, therefore, learn about some of the worst blunders to avoid. We clue you in here so your business can enjoy a strong cash flow for years to come.

 

RELATED ARTICLE: MAKE THE MOST OF YOUR SMALL BUSINESS—EVEN ON A LIMITED BUDGET

 

1. Confusing Factoring and Financing

Though the terms are sometimes used interchangeably, factoring and financing are not identical financial products.

Invoice factoring is the sale of your unpaid invoices to a third party. This party usually assumes responsibility for obtaining payment from your clients. Meanwhile, invoice or accounts receivable financing is a loan that uses your invoices or accounts receivable as collateral.

With financing, you are still responsible for collecting your clients’ payments. Additionally, you must pay back the money you received from the lender. Both factoring and financing are financial products marketed to help businesses with cash flow troubles, but factoring is the option with less risk.

 

 

2. Misunderstanding Invoices

An invoice is a specific type of document. It details a list of products or services the business provided and informs customers of costs due.

Not all businesses use invoices to accept payments. For example, retail stores charge for products before customers obtain products.

Some businesses misunderstand or misidentify invoices and attempt to factor purchase orders or other types of payment-related documents. However, purchase orders consist of products or services that have not yet been delivered, and they will not factor. It is a waste of time for both you and your factor to attempt to factor anything besides invoices.

 

3. Skipping the Fine Print

Factoring is often described as a sale of your invoices. In fact, we just did that a paragraph ago. However, the truth is that the transaction is much more complex.

To be more specific, there are rules regarding the creditworthiness of your clients, deadlines for payments, and rates regarding the money you can take in advance. All these critical details will be present in the contract you sign with your factor. Therefore, you must read and understand all of these rules before you enter into the agreement.

Failure to comprehend your contract does not make it null. You will still be responsible for any fees and penalties you incur even if you didn’t acknowledge them.

 

invoice factoring 2

 

4. Misdirecting Payments

There are few factoring arrangements where you are responsible for collecting your clients’ payments and forwarding them to your factor. That situation is rare. Instead, most factoring companies demand that payments be sent directly to them. In this way, they know for certain when payments arrived and that they arrived in full.

Therefore, as soon as you make an agreement with a factor, you must inform affected clients that they should make all of their future payments to the factor or to the factor’s bank. If you make this mistake it could cost you a few fines. What’s more, it will also damage your relationship with your factor. This could potentially hurt your future rates or even lead to a termination of the relationship.

 

5. Forgetting Time Commitments

Invoice factoring is one of the speediest ways to improve your cash flow. However, but strong arrangements don’t emerge immediately.

Because invoicing is a complex system, you will need to complete extensive amounts of paperwork before you benefit from factoring. While this isn’t necessarily a hard-dollar cost, it is an important cost that you should take into consideration.

 

6. Depending on Invoice Factoring Alone

Factoring alone isn’t going to save your business. Granted, it is an incredibly useful tool, especially for businesses that experience regular cash flow imbalances. However, it isn’t a cure-all when it comes to business financial woes.

If your business is struggling financially, factoring might be able to help. However, you should also consider acquiring more substantial forms of funding. For example, consider such solutions as SBA loans, bank loans, lines of credit, and others. Then, once your business becomes stronger, you can consider utilizing invoice factoring for fast cash to get ahead.

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Want to Get into Business in 2018? Assemble a Great Support Team

May 1, 2018 by Asif Nazeer Leave a Comment

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Are you planning to open a business in 2018 or buy an existing one? If so, you’re going to need a support team. In other words, you’ll want to surround yourself with the best people possible.

Even if you plan to launch and operate your startup as a solopreneur, you’re going to need trusted advisors and support systems in place to help you along the way.

Take, for example, proven entrepreneurial and leadership tips for small-business owners in any industry. You’ll hear time and time again that success doesn’t come from trying to know everything or do everything yourself.

So start thinking now about the people you need on board to help you grow your business quickly. Identify people who can help you avoid mistakes and generate as much profit as possible. Read on for suggestions about essential members of your support team. Find out more about who you should be searching for.

 

Finance Guru

First up, one of the most important people you’ll need to help you on your entrepreneurial journey is a finance guru. After all, it’s almost impossible to get far in business if you’re not educated about money. If you don’t have someone on hand to help you keep track of finances, cut costs, increase profits, and prepare reports, you could find yourself struggling down the road.

It pays to appoint an internal chief financial officer, or to utilize an external financial advisor or accountant. You need someone who can help you stay up to date on the latest rules and regulations. This person, or persons, can help you especially during the startup phase of your business. That’s when you must keep a close eye on cash flow. You’ll also need to learn how to determine sales projections, understand profit-and-loss data, and so much more.

Therefore, look for a team member who is knowledgeable about relevant accounting and finance topics. Find someone who also understands the startup arena as well as the industry you’re in. Even better, look for an expert who understands your organization’s specific type of sales process, along with how this affects your income and your outgo.

 

 

Sales and Marketing Experts

To make enough money to keep your business afloat, it is also essential to use key sales and marketing strategies. You’ll want to focus on bringing in large numbers of new leads. Then you’re going to want to convert these leads into sales.

You must be able to build a strong brand presence. When you spend money on marketing initiatives, you’ll want to spend it wisely. Afterward, you’ll need to learn how to evaluate your results. The end result you’re going to be aiming for is building loyalty with customers and ensuring they buy again and again.

Having sales and marketing experts working for your business, either as external contractors or as in-house employees, will help you grow your startup more quickly. Plus, you’ll have better success each time you launch a new product or service, or target a new demographic.

Keep in mind that having effective salespeople around can also work wonders in other areas of your business. This is in addition to moving your organization’s wares.

For example, as an entrepreneur you always need to be selling something. You could be selling yourself as a CEO to investors. Or you could be selling your business to lenders when you request a loan. Additionally, you’ll want to sell your products or ideas to journalists. When it comes to building your staff, you’ll want to sell your organization to potential employees.

Sales experts can help you generate interest from relevant people. They will also help you to build strategic relationships and showcase yourself and your wares in the best light.

 

support team 2

Customer Service Extraordinaire

Another important part of running a business, particularly a startup, is providing excellent customer service.

You need to find a customer service crew who can answer people’s questions effectively the first time. A good customer service team will help to allay any fears customers have about buying from your business. Your support team can follow up with clients as part of after-sales support. Additionally, they can keep track of, and work to resolve, customer complaints as soon as possible.

 

RELATED ARTICLE: WHY QUALITY CUSTOMER SERVICE ALWAYS STARTS WITH A SMILE

 

Industry Stalwart

When you’re starting a business in an industry you haven’t worked in before, it will make the world of difference if you have someone in your team who is already an industry stalwart. Look for a person who is a veteran in the area you’ll be joining. Find someone who can help you with both daily operational processes and big-picture strategic thinking.

People who know a sector inside and out will help ensure you avoid “rookie mistakes.” Plus, they’ll have good ideas about which industry events are worth attending. They’ll know the types of clients you should be pitching to. Further, they can suggest ways you can cut costs and increase profits.

 

Build a Stellar Support Team and Enjoy Greater Success

If you build a support team such as the one suggested here, your new venture is sure to thrive.

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The Best Watches for a Professional Business Appearance

May 1, 2018 by Asif Nazeer Leave a Comment

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Watches are more than a fashion accessory. They are a status symbol, especially in the business world.

There are plenty of options to choose from when it comes to picking out a watch to match your business attire. For example, you get to choose from smartwatches to classic mechanical watches. You certainly are spoiled for choice.

 

Should You Go for a Smartwatch?

In 2015, the Internet was all abuzz with news about smartwatches. They were going to change the face of time-telling. It was thought that smartwatches would become mainstream tech devices like smartphones, tablets and even e-readers. However, that did not turn out to be the case. The hype was short-lived. As a matter of fact, smartwatches are no longer popular products, even among technophiles.

Companies that experienced early success have exited the smartwatch market. That’s because consumers failed to jump on board the trend. Today, fewer than 10% of Europeans own a smartwatch. Compare that with the more than 60% who use smartphones every day. It’s easy to see that smartwatches just aren’t popular among consumers.

There were a number of factors to blame. Primarily, however, it was the cost. Considering their very limited range of functions, smartwatches could not really justify their own price. We will certainly need to cross a bridge in terms of smartwatch technology. If and when that ever happens, users would have more capabilities while smartwatches would maintain an affordable price point.

“Watches are more of a fashion accessory to most people. Smartwatches are eventually going to replace watches through natural evolution,” says Daniel Richmond from Tic Watches. “Most of our suppliers are pushing smartwatches in a race to be first. But at Tic Watches we expect this to be a slow process over a number of years. A race to be first is not that important.”

So, the answer is yes, eventually. There will come a time when smartwatches will have a valuable purpose alongside smartphones. But that time isn’t now.

 

 

Do Smartwatches Have a Business Purpose?

Currently, smartwatches do little more than provide smartphone notifications. Emails, social media messages, and news alerts can all be pushed through to your smartphone. This can be useful, depending on the line of work you’re in.

For example, if you attend meetings regularly, then you could certainly benefit from having a smartwatch. It is great technology for this type of activity. You’ll certainly want to keep up with your emails and be aware of any urgent information. However, you can’t just whip out your mobile in the middle of a meeting. This is where a smartwatch would serve you well. As you can quickly take a look at your watch without coming across as discourteous.

So, if you have the money to spare and you’re a busy professional, a smartwatch could be a great option for you. What’s more, if you are struggling to find one that actually suits your business wear, then you may be in luck. That’s because we are seeing more and more smartwatches that put fashion first.

 

Smart Watches That Look Professional

One of the main reasons that business professionals have been slow to adopt smartwatches is their appearance. They aren’t particularly known for their classy look. “Industrial,” “sporty,” and “techy” are all terms that you can use to describe the way the average smartwatch looks. But “sophisticated” isn’t one of those terms.

Therefore, business professionals are sure to struggle when it comes to finding a smartwatch that suits their style. You might have to spend quite a bit of money to get a smartwatch that has the look of a classic timepiece. For example, Montblanc’s Summit smartwatch is sleek and refined, but it sells for more than £600.

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However, things could change in 2018. Michael Kors has recently launched a range of smartwatches and fitness trackers that range from £329 to £399. They are still twice the price of Apple Watches and Samsung Gears. However, it is certainly a sign of changing times when one of the biggest names in fashion creates his own smartwatch.

 

RELATED ARTICLE: IS YOUR APPEARANCE HONESTLY GOOD FOR YOUR BUSINESS?

 

What About Hybrid Watches?

If you want a stylish, high-tech watch but aren’t yet prepared to spend more than £300, then a hybrid smartwatch could be your perfect solution. It is the compromise between a traditional mechanical watch and a smartwatch. It does not have a touchscreen, and it does not need to be charged.

You will still get notifications from your phone via a vibration, however. Plus, there will be a visual cue to let you know which app is sending the message. It also tracks your steps and monitors your sleeping habits; you can check your progress on your smartphone. They are slim, stylish and functional. And they do exactly what you want from a smartwatch.

Plenty of high-end brands are releasing their own hybrid watches. If this is something you’re interested in, check out Fossil, Garmin, Nokia and Misfit. They come in a wide range of styles. Therefore, you should be able to find one that suits your personal wardrobe. Plus, they are affordable enough that you can mix it up with a couple of different watches to suit your various outfits.

The great thing about hybrid watches is that they don’t need charging. For instance, the batteries in hybrid watches can last up to six months. So you don’t have to worry about your watch losing its charge throughout the day. Hybrid watches are just like classic timepieces with a few convenient extras. And they don’t break the bank.

 

What to Look for in a Business Watch

There are certainly unwritten rules when it comes to which type of watch you should wear in a business environment. You want your watch to tell people that you are put-together professional. You want it to communicate that you are confident about your personal style. Here are some tips for picking out the ideal watch to wear to work.

Firstly, don’t overdo it. While do want to add an extra splash of pizzazz to your outfit, the way to do that isn’t with lots of crystals. You should go for an understated look in the workplace, with simple elegance. The same applies for bright colors or novelty watches. While they may express your personality, they come across as somewhat childish and unprofessional.

What you should be looking for is a watch with a leather or link strap. Gold or silver is fine. You can even add some extra details like mother of pearl or wood, as long as they are subtle.

watches 3

If you are going with a leather watchband, consider your other accessories. Your belt, shoes or handbag can provide you with a starting point. Then you can aim to match your watch to any one of those items. A bit of coordination goes a long way to making you look more professional.

Next, consider the case and the face of your watch. Both Roman numerals and modern numbers are good choices. However, it is important that they don’t stand out too much. The casing of the watch should be simple and chic. Plus, it should suit the size of the band. Anything with too large of a face will diminish the professional look of the watch.

 

The Exceptions Prove the Rules

Of course, there are exceptions to the rules. If you work in a more casual office, you can wear a sportier watch or a timepiece with a few funky features. However, if you work in the kind of office where you have to wear button-down shirts and blazers, then it is best to heed the above advice.

You’ll have plenty of options to choose from when picking out a watch to suit your office attire. Professional watches come in all shapes, sizes and materials. Therefore, you’re sure to find one that does a great job of not only expressing your personality but perfectly suiting your business wardrobe.

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8 Ways to Say ‘No’ So You Say ‘Yes’ to What Matters Most

April 30, 2018 by Asif Nazeer Leave a Comment

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Success hinges on knowing how to decline.


April 30, 2018

10 min read

Opinions expressed by Entrepreneur contributors are their own.


As an entrepreneur, your time and energy are in constant demand. If you’re not careful, too many “Yeses” to distractions and invitations—like coffee with no precise purpose—will sabotage your creative and productive output.

Accomplished entrepreneurs and members of The Oracles divulge how to say “No,” once and for all. 

Molly Bloom

Image Credit: The Oracles

1. Run every opportunity through a litmus test.

In my early 20s, I thought that ambition meant leaving no stone unturned, no potential client, contact, or lead untapped. With maturity, I’ve realized:

  • We have limited bandwidth—burnout is a real, crippling reality.
  • Maintaining a balance of work, relationships, sports, and spiritual practice (for me, it’s meditation, yoga, and being in nature) is not only healthy but also results in higher quality work.
  • Playing the long game and looking at the big picture is a better strategy than making decisions in the moment—which often come from a fear-based notion of missed opportunity.

I run every opportunity, request, meeting, or invite through a litmus test: Will this move the needle forward in my career? Is it a way to be of service? Does it meaningfully nurture me mentally and emotionally? Is it reciprocal for someone who’s done something for me?

If it doesn’t fall into one of those categories, I politely pass so I can be available and fully present for an opportunity that does. —Molly Bloom, entrepreneur, author, and inspiration for the Oscar-nominated “Molly’s Game”; built the world’s most exclusive poker club for billionaire tycoons and Hollywood celebrities. Watch Molly’s Game on iTunes!

Mark Divine

Image Credit: The Oracles

2. Create an auto-response that says ‘No’ for you.

I’ve tried to teach myself to say “No” to serve the bigger “Yes” over the years but found that my willingness to please others and agree to their non-stop barrage of requests is too deeply ingrained in my system.

Email has been the biggest offender; I give myself an “A” for effort, but an “F” for execution. Disgusted by my lack of discipline in this crucial area, I hired an assistant to say “No” for me and implemented this auto-response (which my daughter jokingly penned). This tactic works like magic, eliciting many delightful responses—which I ignore!

“Thanks so much for reaching out.

As a way to avoid electronic distractions, I’m no longer using my computer and will be hiding in a cave in the Himalayas. However, if you need to reach me, you can do so by carrier pigeon.

While carrier pigeons typically take weeks to reach Tibet, we have trained ours to achieve 20X what they thought possible … so, your message should arrive within a day.

But for those messages that are urgent and timely, I will use the mental toughness techniques learned during my time with the Aborigines — and get back telepathically. (Or you can contact support@unbeatablemind.com)

May The Force be with you!” —Mark Divine, retired U.S. Navy SEAL commander, founder of SEALFIT and NYT/WSJ bestselling author; follow SEALFIT on YouTube, Facebook, or Instagram

Dottie Herman

Image Credit: The Oracles

3. Only say ‘Yes’ to meetings with a clear and precise purpose.

Don’t be afraid to say “No;” I’ve learned it’s one of the best ways to set clear boundaries and focus on what’s truly important. It’s especially important to have an assistant who’s a gatekeeper of your time. A great assistant knows your schedule, priorities, and availability better than you.

As a CEO, I receive many offers and invitations to attend meetings with no clear, precise purpose. Although appreciative, time is our most precious commodity, so I have to wisely allocate it. If something doesn’t have a purpose, I simply can’t commit, so politely decline.

My secret to not disappointing people is to have a great support team. I rarely schedule a meeting I don’t want to take. My assistant gets as much information about the invitation or opportunity as possible, researching the person or company before presenting it to me, so we can respond accordingly.

Remember, there’s a difference between being busy and productive. When it comes to effective leadership, I choose productive. —Dottie Herman, CEO of Douglas Elliman, a real estate brokerage empire with more than $27 billion in annual sales

Sharran Srivatsaa

Image Credit: The Oracles

4. Clone yourself to deliver value.

Here’s the paradox: Precise questions elicit thoughtful answers. However, most inbound requests are vague because people need your help with clarity; although you can help, answering every request is logistically unscalable.

Whenever I get an unfocused request or general inquiry, I respond with extreme specificity to create clarity. Instead of saying “No,” I refer people to a resource that answers similar general questions.

For example, over the years, I kept getting asked the same tactical real estate question disguised as a vague meeting request. After having the same conversation dozens of times, I stopped and created a comprehensive resource bundle.

My response now? “As you can imagine, I get this question often … so I spent numerous hours deconstructing this topic and created a blueprint for you on a video, podcast, and a detailed blog post. You will be unstoppable with this head start!”

Imagine the multitude of ways you could leverage a resource bundle: as a lead magnet, as part of your follow-up sequence, or a free gift when you’re speaking. Every opportunity to say “No” is a chance to deliver a thoughtful resource to someone who needs it, without actually being there. —Sharran Srivatsaa, angel investor; grew Teles Properties 10X in five years

Shawn Rawls

Image Credit: The Oracles

5. Hire a ‘Director of No.’

The root of your business success is the fundamental ability to say “Yes” to what’s important and “No” to anything else. Two of the most important things I’ve learned are: one, “No” is a complete sentence and doesn’t need explaining, and two, when you say “Yes” to something, you’re declining something else.

Having a clear understanding of your priorities—and a calendar reflecting them—makes saying “No” easy, even if you experience difficulty saying it. An open calendar is dangerous; it should be filled with your most important tasks. It’s hard to say “Yes” when you don’t have any free time.

Finally, hiring an “offensive lineman” to screen my calls and respond to my emails proved to be invaluable. I jokingly referred to her as my “Director of No.” She knew my priorities and goals; her job was to keep my time and tasks protected from the trivial pursuits of others.

Remember, what’s usually missing from your business is a “Who,” not a “What.” —Shaun Rawls, lifelong entrepreneur, founder and CEO of Rawls Consulting

Marina Rose

Image Credit: The Oracles

6. Lock in your calendar, unplug, and work in uninterrupted blocks.

Creating value and building a business only comes from focused attention and discipline. Although I’ve missed delightful social time, saying “No” to invites and distractions has enabled me to say “Yes” to extraordinary success. Here’s how you can too:

One, establish your social calendar three months at a time. I use both Wall Calendar and DayRunner planner so I can make notes. I look at my invites, then determine which I’m unable to miss. Simultaneously, I look at my projects and put my social and business schedule together like a priceless jigsaw puzzle.

Two, break down your quarterly schedule into weeks. Time is your most precious resource; create boundaries for your week regarding what you want to complete. I fast-track my goals by being strategic with time management: I turn off my phone, disengage from checking email, and withdraw from social media to ensure that I complete projects in an easy, effortless, and efficient manner.

Three, carve out your time daily so you can work in blocks. I will usually block off eight to 10 hours without distractions. By doing this, it takes pressure off, knowing that I have time to enjoy my life. It also sustains my brain bandwidth for productive output. I work out when I want to work out. And eat when I want to eat. —Marina Rose, QDNA®, founder and developer of Quantum DNA Acceleration®, a revolutionary technique for quantum growth in health, life, and business; connect with Marina on Facebook

Eileen Rivera

Image Credit: The Oracles

7. Practice turning people down.

The best way to get better at anything is practice! Start practicing these responses right now:

“No, thank you.”

“No, not at this time.”

“No, I can’t.”

“I’m unavailable.”

“No, not interested.”

“No.”

Decide now what you’re willing to give up by saying “Yes”—productivity, money, family time, or exercise? Don’t wait until you’re asked. Say “No” to anything not adding value to your life or business. Rid yourself of the disease to please!

Also, be direct. Don’t say, “I’ll think about it,” if you’re not interested. Although we want to be agreeable and liked, as entrepreneurs, what we want most is to build our businesses. To succeed, you must surrender the illusion that you can make time for everything. You can’t. Say “No” to distractions; say “Yes” to your artistry. —Eileen Rivera, CEO of The Rivera Group; real estate coach, speaker, and licensed California realtor with over half a billion in sales

Ken Lebovic

Image Credit: The Oracles

8. Decide quickly.

Asking for something is hard. Maybe it’s someone’s time, money, or opinion. I’ve been on both sides, so appreciate the effort when someone reaches out. Always help someone when you can. If you can’t, the best thing you can do for everyone is to give a quick answer.

Never drag someone along when you know the answer will be “No.” You’re giving false hope and wasting everybody’s time with unnecessary follow-ups. —Ken Lebovic, president of North Shore Holdings; built a real estate empire acquiring thousands of properties in 20 years

Want to share your insights like those above in a future column? If you’re an experienced entrepreneur, please get in touch here.

Want to suggest a future topic for these entrepreneurs to answer? Email suggestion@theoracles.com and it’s very possible we’ll make your suggestion the focus of a future article!

Follow The Oracles on Facebook.



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How Strategic Leaders Reframe Deceptive Messages

April 30, 2018 by Asif Nazeer Leave a Comment

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Four steps that can help you lead your organization past its self-defeating limits. For further insights, read “Conversations That Kill Your Culture.”

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Melinda Emerson’s New Book “Fix Your Business” Offers a 90-Day Plan to Remove Chaos

April 29, 2018 by Asif Nazeer Leave a Comment

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Fix Your Business -- Melinda Emerson's New Book Offers a 90-Day Plan to Remove Chaos from Your CompanyBack in 2010, Melinda Emerson launched her book How to Become Your Own Boss. Since that time, Emerson has energized small business owners everywhere with her workshops, webinars and SmallBizChat format on Twitter.

Emerson is back with her second book, Fix Your Business: A 90 Day Plan to Get Back Your Life and Remove Chaos from Your Business.  The book is a fitting followup to her first book, offering insights for businesses of every size and industry.



What Is Fix Your Business About?

Fix Your Business builds upon Emerson’s 12 Ps — the principles for running a successful business. Each chapter is dedicated to a specific “P”, with suggestions planned for 90 day turn around.

At the end of each chapter is a set of action steps and expert interviews to reinforce the chapter topics. The ideas are meant to quickly guide the reader through typical upgrades needed in each aspect of your business.

The quick turn around is meant to address a sophomore slump many businesses face. After a good start, many business owners find themselves struggling to be time efficient, cash flow efficient and rested to make good decisions.

The book helps business owners reach those goals by establishing the processes to start producing money within the business.  As Emerson mentions in the opening pages, you can’t stand still. “It’s really hard to stay where you are for much time without any change or growth. The world will change around you fast.”

What I Liked About Fix Your Business

One aspect I like about the book is how Emerson presents her perspective so readers can easily get to essential ideas and leverage them to reach the “next level” in their businesses. Part of this comes from Emerson’s experience as a business owner for 20 years, but it also comes from her having interviewed small business owners in her regular SmallBizChat events on Twitter.

Take Emerson’s comments on Perseverance in Chapter 12 where she provides straightforward advice on dealing with investors.

“If this is your first business then you don’t have a financial track record, which puts you in a beggar’s position. The investor you seek funding from has the power and may deploy an agreement that puts you at a disadvantage.”

Tip 6 of the chapter suggests options like growing your network and increasing sales when seeking to build investor interest.

Many authors add comments from a few experts to bolster their arguments, but Emerson’s choice of experts is what sets her apart. For example, Emerson draws from Stephanie Chandler, founder and CEO of the Nonfiction Author Association, for thoughts about  creating the right business model. She also adds comments from such experts as Palo Alto Software founder and chairman Tim Berry, marketing luminary Jay Baer and productivity expert Laura Stack.

Action steps at the end of each chapter allow you to practically apply the book’s suggestions to your business.

I also liked Emerson’s unique twists on current trends.

Take her suggestions in Chapter 5 about dealing with a diverse workforce with potential language barriers:

“If you know or if you discover you have an employee with language needs, quietly provide them with the opportunity for formal instruction at your expense. If you have a bilingual workforce, provide instruction in both languages to everyone. You will always be an employer of choice for making this investment in your team!”

Chapter 6 offers software tools to improve productivity ranging from Google Voice to Nozbe, which integrates with Evernote.

What Could Have Been Done Differently?

The book is brief, so some topics will require more research to gather the detail Emerson did not have the space to provide.  For example, a section on cyber security could have been longer and more comprehensive given the potential risks facing small businesses today.

On the other hand, implementing better cyber security may take longer than the 90 days mentioned in the book’s title.  And Emerson does offer readers a descent primer giving small business owners a good idea of what they need to look for when seeking better cyber security solutions.

Also, a Facebook group has been established to continue the discussions begun in the book so many topics are likely to be fleshed out in far greater detail there.

Why Read Fix Your Business?

Some books can be extremely technical, lengthy and even intimidating — though the information they share is vital. So having a guide to cut through all this and focus specifically on the ideas busy small business owners need to focus on first is valuable too.

Fix Your Business offers this essential streamlined view of what’s important while also providing substantial insights. This makes Fix Your Business a perfect guide for business owners. But more importantly, Emerson is the right mentor to provide next level advice for success in business and life.


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How to Look and Sound More Confident (Infographic)

April 29, 2018 by Asif Nazeer Leave a Comment

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These quick tips will help boost your confidence in five minutes.


April 29, 2018

2 min read

Opinions expressed by Entrepreneur contributors are their own.


Confidence is an integral part of success. Of course, there’s a difference between confidence and ego, and it’s important you don’t develop the latter.

Related: Confidence, Humility and the Effective CEO.

So how can you look and sound more confident? To start, focus on body language. Keep your hands visible and don’t put them in your pockets when speaking. Hiding your hands can suggest uncertainty and nerves. Also, be sure to make eye contact with the person you’re speaking to and don’t divert your eyes.

Related: 10 Things Confident People Don’t Do

Another area to focus on is your voice. Make sure you don’t mumble or shout, and instead keep your voice at a normal speaking level. The more clear you sound, the more confident you come off. That’s why it’s also important not to talk fast and rush your words. In fact, it’s recommended to speak so slowly that it feels like a “snail’s pace.” When you speak slowly, you’ll be more cautious of what you’re saying and can make sure to avoid any “ums” or “likes.”

Related: To Massively Increase Your Confidence, Plan to Spend Your Time Constructively

From offering a strong handshake to standing up straight, check out Pound Place’s infographic below for more ways on how to look and sounds more confident.

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The Art and Science of Networking (Infographic)

April 28, 2018 by Asif Nazeer Leave a Comment

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Thanks to technology, networking has drastically changed over the years.


April 28, 2018

2 min read

Opinions expressed by Entrepreneur contributors are their own.


Networking isn’t about shaking hands and exchanging business cards. It also isn’t just about trying to find a dream job or new opportunity. A solid network is helpful for a variety of reasons, whether you’re looking to launch a business, showcase a project or meet new people. If you really want to grow your network, you’ve got to focus on building valuable relationships.

Related: 10 Powerful Business Networking Skills to Build Rapport 

The best part about networking is that there are no downsides to it. Of course, it might sound daunting at first, but people with strong social networks also are typically more confident, happier and healthier. According to research by Network Wise, strong and healthy networks can lead to a decrease in dementia, breast cancer and other health issues.

Related: 7 Tips to Networking as an Introvert

The three most important types of networks that you should develop are operational, personal and strategic. Operational means gaining contacts and connections with people important to business, while personal refers to those people you socialize with and who are more likely to become your friends. Strategic are the people you strategically connect with to share ideas and whom you look up to.

Related: How to Encourage Networking That Boosts Company Culture

While that might sound like a lot of work, with the help of technology, networking is easier and more achievable than ever. Sites including LinkedIn, Facebook and Instagram are all great places to connect with people and begin building your own networks.

To learn more, check out Network Wise’s infographic below.

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These Bots Are Here to Serve.

April 27, 2018 by Asif Nazeer Leave a Comment

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No, they’re not sci-fi robots. They’re computer programs that interact with your customers and earn you sky-high approval ratings.


April 27, 2018

16 min read

Opinions expressed by Entrepreneur contributors are their own.


Over the past two years, chatbots — or technology-fueled virtual assistants — have taken the world by storm.

At first, chatbots were merely a computer-based service that could undertake various customer service tasks. And in that regard, they were a welcome leap forward.

But, in recent years, chatbots, or “bots” for short, have morphed into exceptionally intelligent computer programs able to assist companies with essential tasks ranging from marketing and human resources functions to sales efforts.

However, while these technology assistants have already made their mark in the business world, many people still don’t fully understand their capabilities, limitations and many functionalities. That’s the reason behind this basic guide: to highlight the different types of chatbots, how they work and how you can create your own artificial intelligence (AI)-powered virtual assistant.

So, without further ado, let’s learn about … chatbots.

Related: How to Create a Facebook Messenger Chatbot For Free Without Coding

The basics

What are chatbots? Chatbots are computer programs capable of conducting conversations by text and auditory communication. Programs simulate how a human conversation would proceed. Chatbots can include text — the response you received to your customer service inquiry — as well as audio and video.

Though chatbots are also robots, there’s no three-dimensional physical presence equivalent to the sci-fi variety or to factory or police robots. Instead, chatbots’ power stems from either set scripts (a technology known as “rules”), or artificial intelligence.

Regardless of their power source, bots can perform a wide variety of tasks without human help. Siri and Alexa are well-known examples of virtual bots; but you’ve also likely encountered customer-service chatbots in a pop-up chat window on your favorite ecommerce site. (See those three dots and the appearance of someone typing? That’s probably a bot.)

So, whether you’re making a restaurant reservation for this weekend, scheduling next week’s calendar event or sending out personalized promotions to your customers, chatbots can free you from these mundane tasks. They offer practically unlimited opportunities for better and faster customer service, and for the quick, easy accomplishment of tasks.

Related: There’s a Lot More to AI Than Just Chatbots

Where do you obtain a chatbot? A chatbot can be easily created through various means, whether you build the bot yourself using your coding knowledge or hire someone to build it for you. Today, it’s easier than ever to add a bot to your website, and many companies out there are ready to build you an excellent bot for less cost than you might  think.

The most important factor here is that chatbots can simulate human-like conversations (text or audio) with your customers. Thanks to the technology that powers them, virtual assistants can communicate in natural language and even speak multiple languages, sometimes without the recipient even realizing it. Because of their versatility, chatbots have been integrated into a variety of business models, allowing them to address many business pain points.

A brief history of chatbots

Chatbots aren’t new. In fact, they first appeared as far back as 1966, at the debut of Joseph Weizenbaum’s ELIZA — a robot able to mimic human conversation by matching user prompts to scripted responses. In 1972, PARRY was created by Stanford’s Kenneth Colby, followed by Jabberwacky in 1988, by Britain’s Rollo Carpenter. Finally, there was ALICE in 1995.

ALICE, which stands for Artificial Linguistic Internet Computer Entity, was the first natural language-processing (NLP) chatbot. Richard Wallace’s ALICE bot was so strong that it went on to win the Loebner Prize.

Since then, we’ve seen IBM’s Watson, Apple’s Siri, Google Now, Amazon’s Alexa, bots for Facebook Messenger and Tay — all of which have enabled companies to capitalize on the growth of chatbot technology for business purposes. Today, chatbots are available on virtually any social media messaging platform, as well as on websites and in appliances.

Related: Top 10 Best Chatbot Platform Tools to Build Chatbots for Your Business

The two main forms chatbots take

While customer service is the widest use of these intelligent machines, today’s versions come in two forms:

Rule-based chatbots. Rule-based or “scripted” chatbots are still out there, but they’re losing popularity because of their AI-powered counterparts. Rule-based bots can answer questions based on a specific script with which they’ve been programmed to communicate. These scripts can be very complex or extremely simple, but the choice is up to the creator.

Artificial intelligence-powered chatbots. Chatbots powered by AI, natural language processing (NLP) and machine learning, on the other hand, have the ability to learn as they communicate. This means that every interaction they have makes them progressively more intelligent.

Not only are they empowered by conversations with humans, but chatbots that use AI to communicate are integrated with analytical platforms and application programming interfaces (APIs) which talk to the chatbot’s technology; that in turn provides the end user with the answers to his or her questions.

Why chatbots are important

You may be thinking, “What’s the big deal with chatbots?” The answer is that consumers today are using social media messaging applications like Facebook Messenger more than they are social networks. Companies that want to stay ahead of the curve should take note, as those messaging applications are now the preferred communication method instead of phone calls, text messages and emails. 

In short, you need to focus your marketing efforts on those areas of the digital realm where your audiences are most likely to be — inside messaging apps. 

Related: 10 Ways AI and Chatbots Reduce Business Risks

Their “virtually” unlimited functionalities

Chatbots have a virtually limitless number of functionalities. You’ve probably already encountered bots as an intermediary for purchases or a means for answering a company’s FAQs. But bots can offer so much more to the end-user. Specifically, as the technology that powers them continues to grow, these AI-powered machines can:

Tell you the news. Forecast the weather. Create, edit and send emails for you. Schedule and cancel meetings based on your calendar. Place orders online. Tell you about promotions from your favorite brands. Educate you on your personal finances.

In addition, chatbots can:

Give companies the gift of extra time. The business world has become so fast-paced that keeping up is challenging for even the largest, most established organizations in the world. Chatbots can help: They can perform customer support and marketing, HR, IT and various other functions more quickly, and often more accurately, than humans.

Aside from decreasing the time it takes a company to communicate with each online customer, chatbots make a company available to its audience 24/7. As a result, this new technology saves you, the business owner, time and money on human resources.

Related: Learning to Work With Robots Is How You Can Save Your Job

Give an added level of personalization. In addition to acting as personal agents across the entirety of a company, chatbots have the ability to offer a level of personalization that until recently only a human could offer. Specifically, organizations now have the ability to tailor chatbots to their specific business needs, in order to:

Send texts in various languages. Speak in multiple languages. Use different accents based on the users location. Send personalized offers based on the users shopping history. Update specific agents in real time, allowing them to further customize their efforts.

What else chatbots can do

Another thing chatbots can do is take on various roles within an organization:

Become your virtual assistant. From helping you with shopping to acting as your personal secretary, a chatbot is the perfect virtual assistant. Bots can undertake a variety of tasks by syncing with users’ mobile and computer applications to:

Answer questions and give information on virtually any topic. Help you book flights, hotels, restaurant meals, train travel and other services. Buy products for you online. Create, edit and cancel meetings. Send emails. Sync with a home appliances so you don't have to lift a finger.

Related: 4 Essentials for Building a Well-Mannered Customer-Service Chatbot

Act as your marketing or sales executive. Not only can chatbots help you cut down on email exchanges, unnecessary meetings and various online searches, they can actually act as your marketing executive.

This means the ability to undertake major marketing tasks like pushing personalized offers to social media users on demand, and taking orders directly from social media platforms and websites. Bots can also help you market your product or service more aggressively, cross-selling and upselling products based on your users’ shopping histories. And they can push customers through the sales funnel.

Chatbots can give you …

A far greater reach for your marketing communications and customer service. In the customer-service realm, chatbots make your company available to a wider range of customers across the globe than humans alone could reach. And, obviously, they’re available to your audience members all day, every day, whatever their time zone.

What’s more, adding a chatbot to your website and social media platforms means customer inquiries can be handled neatly and quickly. They can be answered, by chatbots, in multiple languages.

And, should a customer engage your bot when the company is closed, he or she can still get help with account details or issues, rectify most complaints and check an order’s status. (Yes, we’ve heard all the jokes about how chatbots work for cheap and skip coffee breaks.)

Related: Chatbots Are the Next Big Platform. Here’s How Entrepreneurs Can Stay on Top of It

Assistance with internal communications. A lesser-known feature of chatbots is their ability to help with internal communications between teams. Instead of having to struggle with back-and-forth emails and unnecessary meetings, teams from HR, IT and other departments can hand tasks over to their friendly chatbot.

Gone are the days when employees had to shadow HR personnel for information about their paychecks and holiday leave. Instead, companies can now institute a chatbot — like Slack — to act as an internal communication channel, to enable staffers to find out how many holiday days they have left this year. Employees can use this same service to book days off, find out about their company’s bonuses, obtain information regarding an IT problem and much more.

The ability to act as idea-generation tools. Data is leading the digital economy today. Without it, we wouldn’t be able to fully understand our customers’ needs and pain points. However, in addition to gathering this data, we need to be able to transform it into something of value. And chatbots can make that happen.

Because AI-powered chatbots can learn — and grow — from every interaction they have and the data they gather, they offer companies cognitive solutions to a huge variety of problems. Empowered by this data, bots can adapt when market trends change, as well as improve a company’s performance, as data continues to flood in.

Automation of a company’s processes. Above all, chatbots have the ability to automate a huge variety of your business processes, saving you time and money on various resources. With less focus on mundane and repetitive daily asks, these bots leave more space for innovation, allowing you as leader to stay ahead of your competition every step of the way.

Related: 10 Ways to Use Chatbots for Marketing and Sales

Data analysis capbility. Thanks to the growth of intelligent algorithms and the automation of data collection, chatbots have the ability to perform data analysis, then share the results in the form of comprehensive reports specific to a company’s departments.

Such analysis allows a company to determine the profitability of various business paths and improve upon them over time.

How Facebook Messenger Made Chatbots a Whole Lot Easier to Use for Your Business Facebook first began talking about opening its Messenger platform to developers for business communications after acquiring WhatsApp in 2015. A year later, ManyChat and Chatfuel the platforms that enable those communications followed.

“Messenger is interactive and engaging; that’s why we consider it an ‘adventure,'” Johnson explained in an interview. By marrying Messenger and chatbots, she said, customer service has taken a giant leap beyond the bad old days of email marketing. The reason, she said, is that “Messenger is interactive, whereas email is passive.

“[The customer] can read the email and maybe click on a link,” Johnson said of the email way of doing customer service.”But you [the business] don’t get to react to what the person is saying.” That’s where those interactive adventures — and chatbots — enter the picture.

They’re there to make the customer experience something more akin to talking with a real human being. 

“The reason Messenger is unique,” Johnson continued, “is that there are programs that deliver these [marketing messages], so I don’t have to go in and actually code the chatbot myself; you need a technologist to code it. There are companies that have developed platforms, like a Mailchimp or a Fusionsoft specifically for Facebook Messenger.

“That’s the whole reason this is a crazy-amazing thing right now. I can show you statistic after statistic of my clients’ results. I have over 30 clients, currently, with open rates of 80 to 100 percent.”

Contrast that, Johnson said, with an email list you first have to buy — a list which might produce, according to industry sources, at best a 30 percent open rate and a 5 percent click-through rate.

Johnson said she also appreciates how Messenger users have to opt in to receive messages. “I can’t just send them to you without your permission,” she pointed out. What’s more, bots can do more than just help create sales. A client of Johnson’s, for instance, a plastic surgeon, uses a bot merely to chat with people making initial inquiries.

“We’re not selling anything through the bot,” Johnson explained. “We just want to get the person comfortable enough to share a phone number or email to take this relationship further.” That’s why bots can be viewed as “nurturing” tools as well as selling ones, she said.

A typical transaction with Messenger Funnels? Johnson explained that her Folsom, Calif.-based company uses chatbots tied to her clients’ Facebook Business pages. To communicate with the client, she uses Trello and folders shared via Google Drive.

Another client of Johnson’s, named Alison J. Prince, illustrates how bots can help. Prince markets what she calls her “0-100K” online webinar (educating entrepreneurs on how to get started in ecommerce); she’s also selling a fullscale online course. Each week, Prince reaches out to prospective customers via a new Facebook Live, offering helpful tips on how to start a business, with titles like “The 15 biggest business mistakes I’ve made so far.”

Some viewers will likely want to respond. Prince solicits those responses by offering pdfs — about business mistakes or another topic — in return for their comments. Once a viewer comments, he or she has officially opted in to Messenger. Once the viewer shows continued interest in Prince’s advice … the chatbots take over.

Operating via ManyChat and Chatfuel software, the bots schmooze with those customers, hopefully drawing them in to signing up for a webinar, then maintaining the connection by reminding buyers of the webinar date and time  (“Hey! Your webinar starts in 10 minutes!” “Hey! Can’t wait to see you!”)

“It’s as if we’re communicating with them in Messenger,” Johnson pointed out. But, she rejected the notion that she might be fooling the customer: “We very clearly tell them, ‘This is the Alison bot,'” she said.

In the end, Johnson said, chatbots work far better than email — so much so that Alison Prince has seen her subscriber base in Messenger jump from 500 on January 1 (this year, 2018), to 3,400 subscribers just three months later. Most impressively, Johnson said, Prince has a 97 percent “open” rate for her messages and a 30 percent click-through rate to her webinar. Twenty percent of her Messenger subscribers who have watched that webinar have purchased the online course. 

In contrast, less than 5 percent of email subscribers who have watched the webinar have bought it.

Johnson, meanwhile, who’s been a serial entrepreneur since 2003 when she started out with an online maternity store called MommyLove (still in business), says she’s really found her “passion” with chatbots — and with forging those marketing communication “adventures” for clients.

“This Messenger business, as you can imagine, is all young males,” added this entrepreneur, who is obviously female, and 65. She laughed. “They’ve given me the nickname ‘Chat Mom,'” she said. 

“So I had to go get that domain.”

A “mind map,” which MessengerFunnels creates for each client.

Image credit: Mary Katherine Johnson/MessengerFunnels

Related: The Next Addition to Your Marketing Department Should Be a Chatbot

Chatbots’ limitations

While chatbots have made their mark as indispensable tools for a litany of reasons, they’re still moderately new to the business world, and come with their own set of limitations — most of which are expected to be overcome in the near future.

One of the key reasons these machines are not yet perfect is the technological restraints of AI and machine learning. The technology is still evolving, setting limits on how much these robots can really accomplish. But, the development of chatbot technology is on a continuum, meaning that the need for human supervision of bots has steadily diminished.

Another reason bots fail is that some businesses try to make chatbots with too much personality. Take the (infamous) example of “Tay,” described by The Verge in a March 2016 article titled “Twitter taught Microsoft’s AI chatbot to be a racist a–hole in less than a day” (the “a–hole” being my addition). 

The chatbot that turned rude and racist, with Nazi tendences, to boot In March 2016, Micosoft unveiled its AI robot Tay as an experiment in conversational understanding, meaning that the more people out on the internet who chatted with Tay, the smarter the robot would become -- or, as in Tays case, the dumber As The Verge reported, People started tweeting the bot with all sorts of misogynistic, racist and Donald Trumpist remarks. And Tay being essentially a robot parrot with an internet connection started repeating these sentiments. Those sentiments ranged from We're going to build a wall and Mexico is going to pay for it to hateful, Naziesque venom about Hitler and the Jews.

Ninety-six thousand tweets later, Microsoft dove in to delete the worst of Tay’s comments.

Yet, despite the ha-ha moment generated by the notion of a software service reduced to Nazi statements, there was a serious question that Tay raised. As The Verge wrote of the bot’s downfall: “It’s a joke, obviously, but there are serious questions to answer, like, how are we going to teach AI using public data without incorporating the worst traits of humanity?”

No one so far has had an answer.

Related: What Is a Slackbot and How Can You Use It to Make Money?

While technological issues remain to be solved, chatbots overall have changed, for the better, the way consumers and businesses interact. They allow companies to be interconnected with their audiences 24 hours a day, seven days a week, opening up new opportunities for the ecommerce world.

And that bodes well for entrepreneurs, who, being only human, sometimes need (and deserve) a break.

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Salesforce Success Story – Matouk Streamlines Operations, Sees Big ROI

April 26, 2018 by Asif Nazeer Leave a Comment

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While Fortune 500 brands enjoy an advantage in scale, small businesses thrive by differentiating themselves through agility and personal customer service. And for family-owned luxury bed linen manufacturer Matouk, choosing the right technology partners empowered the company to compete on price and service while growing customer relationships against their web-based competitors — the result is a 223% ROI over just six months.

Founded in 1929, Matouk has thrived through almost a century of challenges in part because of its commitment to customers, and its knack for adapting to meet their needs. In 2014, Matouk recognized that it needed a powerful technology platform that could improve everything from customer interactions to inventory and shop floor management. With more than 100 employees, Matouk runs most of its manufacturing in one factory. While the physical operations ran under one roof, Matouk’s IT systems did not. Financials, orders and inventory, and shipping management were all built on separate systems, making integrations difficult and limited in scope. In addition, there was no platform for feedback with Matouk’s shop floor, and no CRM, which prevented the business from having a complete view of their customer.

To streamline business processes, Matouk chose Salesforce CRM and Rootstock, an AppExchange partner and Salesforce-native ERP solution, and is well on the path to modernizing management of its manufacturing business. A new report from Nucleus Research found that the integrated CRM and ERP project has enabled Matouk to drive greater visibility and productivity across all facets of its business. Accelerating time-to-promise and accuracy of price quotes drove increased order volumes, supporting year-on-year growth of more than 10% while improving margins and customer satisfaction.

“Having an integrated CRM and ERP system has helped us unlock efficiencies that we knew our business was capable of,” said George Matouk, CEO of Matouk. “The ROI data is a clear indication that the right IT investment can be a boon to any business.” 

Salesforce Success Story - Matouk Streamlines Operations, Sees Big ROI

Through the use of automation and improved technology management, Matouk has improved in a number of key areas, including:

  • Increased manufacturing staff productivity with automation and controls that enable the company to increase output without a corresponding increase in manufacturing staff.
  • Increased customer service productivity with Salesforce Community Cloud to provide self-service to customers, reducing the burden on internal customer service staff while accelerating issue resolution.
  • Increased marketing automation capabilities that have increased both the volume and personalization of digital marketing campaigns with the same number of staff.

American small businesses, particularly manufacturers, face significant headwinds that take smart leadership and smarter technology to overcome. Matouk has proven that with the right mix of customer-centric tools that reduce manual processes and augment current staff, even long-standing businesses can grow and thrive.

The ROI percentage is based on a case study conducted by Nucleus Research and sponsored by Salesforce. Additional information and the full report is available here.

Republished by permission. Original here.

Images: Salesforce

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