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Love and business shouldn’t mix, says the old adage. Should they not?

Since business is about creating and maintaining relationships, and love fuels relationships, mixing love and business could fuel phenomenal success.

This is the premise of Love is Just Damn Good Business:  Do What You Love – In the Service of People – Who Love What You Do . This smart and thought-provoking book by the best-selling business author, Steven Farber tackles this touchy-feely subject with hard evidence. The multiple case studies and individual stories show how adding love to your business plan can propel success.

Read this book if you’re ready to approach business and life differently. If you want to make your work — a life mission — and not just a paycheck.

Today, everyone is talking about social entrepreneurship. Farber shows how any company, and every business person, can make their work positively contribute to the betterment of our world and thus fit into the social entrepreneurship model.

Why Should Business People Care About Love (Warren Buffett does)

The author makes a compelling argument for love being the secret ingredient of long-term success in business for all people involved: business owners, employees, customers, and their communities.

He says, “When customers love your business—your product, your services, your people, etc.—that’s when something great happens – the magic of word of mouth advertising. That’s when you see repeat business naturally. That’s when you get customer loyalty. That’s when you create raving fans. That’s when you experience the power of forgiveness. That’s when you get an advantage over your competition.

And that is why leaders should aspire to create an experience that customers love.” The result is employee and customer loyalty, repeat business, low turnover, and high engagement. In other words, damn good business.

American business magnate, Warren Buffett, not only looks at the numbers, but he also looks for the love. In a recent interview, he was asked how he determines whether a company is worth buying. Sure, he talked about analyzing the numbers and doing his due diligence on the management team. But if he is happy with the figures and the management, he still takes one more step.

He sits down with the CEO and looks for the love: “I look into their eyes, and I try to figure out whether they love the money or they love the business,” Buffett says. “Everybody likes money. If they don’t love the business, I can’t put that into them.” If they do love it, he says, he buys the company and it becomes his job “to make sure that I don’t do anything that in effect kills that love of the business.”

If one of the most successful business people in the world uses love as a business metric, perhaps so should you.

How to Add Love to Your Business

This well-written, engaging book breaks down the question of how to add love to your business into three parts: doing what you love, serving people, and finding your raving fans.

Each section concludes with a Love Metric test, which consists of probing questions to ask yourself in order to help you to design your own personal love-business action plan.

Steve Farber is a highly sought-after corporate speaker and consultant. And he is the bestselling author of other business books, including the leadership classic, The Radical Leap. While he is clearly extremely intelligent, he is also a witty and clear communicator.

He describes the Return on Investment of Love as using the age-old, core human principle of reciprocity. This is a way more powerful and longer-lasting than a viral video.

Get a Return on your Investment

Infusing your business with love produces a return on your investment. This return begins with another type of ROI. That stand s for Reciprocity on Investment. Farber claims that when you do what you love in the service of your customers, most of them will love what you do. And they will return that love to you and your business in the form of company loyalty.

He offers proof and clearly explains how to use love in business with many included anecdotes and case studies and provides these complete with data on sales and profit growth.

These stories were my favorite part of the book. The people, from the CEO of a multinational bank to a chocolate maker, were brutally honest and disclosed their failures and successes equally. Here is where you will gain insight into your company through identification.

These tales include inspirational quotes from such business luminaries as Dick Nettell, former Senior Vice President of the Bank of America. Dick has a simple philosophy for leadership: “If you grab people by the heart,” he says, “the head comes along for the ride.” “It’s not only the right thing to do,” Nettell quipped, “it’s smart business.”

Radical Customer Love Pays

Farber tells us to stop the corporate platitudes and fake mission statements about customer service. Those customers are smart and can discern the artifice in them. Instead, Farber says just love the customers up.

When you truly love your customers, they grant you some grace which helps smooth over the inevitable mistakes and mishaps. A thank you letter from one of his workshop participants makes this point humorously.

Hey, Farber,” he wrote. “You know that love stuff you were talking about?

You’re right on, man. I’ve been telling my guys this since the day I became a manager ten years ago. I’ve told my technicians to make the customer absolutely love you. Take you-home-to-dinner love you. Meet-the-wife-and-kids love you. Because if the customer loves you, you can blow up their building and they’ll say, ‘Accidents happen.’”

Read this book if you want a fresh perspective on business and life from a smart and compassionate leader. His philosophy in two words – Givers Gain!

Image: amazon.com 

This article, “Love is Just Damn Good Business Doing What you Love, Serving People” was first published on Small Business Trends

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The gig economy has upended the way people work, and policymakers are grappling on how to address this change. California is tackling the issue with Assembly Bill 5 or as it is commonly known AB5.

However, not all is going according to plan because US District Judge Roger Benitez in San Diego has temporarily blocked AB5. Why, because the law would impact around 70,000 independent truckers resulting in irreparable harm if their employers have to claim them as salaried employees.

The request comes from the California Trucking Association, but it is not the only organization. Two national groups representing photographers and freelancers also filed a suit. The American Society of Journalists and Authors and the National Press Photographers Association say the law affects free speech and media.

And as more gig workers realize the implication of this law in California, there is no doubt more suits are on the way.

What is AB5?

This law makes it much harder for companies to classify workers as independent contractors. And if they are not independent contractors, they are employees. This, in turn, makes it much more expensive for companies running gig workers to stay in business.

After all, they are established with independent contractors in mind as their business model. And the impact goes beyond drivers for Uber and Lyft. Gig workers now encompass everything from accountants to truck drivers, plumbers, electricians and many other industries.

This type of work is allowing people to start side hustles and earn money. If the platforms that serve them hire them as employees, they have to find another solution.

The law went into effect on Jan. 1, 2020. But it is important to note the Department of Labor (DOL) said gig workers are independent contractors and not employees in an opinion letter in 2019.

The Challenges Companies are Facing

When a business hires you to work for them, you can be an employee or a contractor. As an independent contractor, you can accept or reject jobs as you like, set your own rates and do the work how you see fit. If the job is done, you get paid and all is well.

If you are an employee the company that hired you makes all the decisions for you. Furthermore, the company has to follow labor laws such as minimum wage, unemployment insurance and injury funds. This in part is responsible for many traditional businesses shifting to independent contractors to reduce labor costs. Considering the savings can amount to as much as 30%, there is an incentive to use contractors.

For many small businesses, using independent contractors has become part of their daily operations. And with AB5 in place, it means they might have to downsize and, in some cases, close their operations entirely.

This is forcing businesses to fight back, with the big companies in Silicone Valley taking the lead.

Fighting Back

When the San Diego federal judge issued his injunction against AB5, he said it was in the public interest. In California alone 1.5 million workers are affected with this law, both directly and indirectly.

Uber and Postmates have filed a suit to block AB5 arguing it violates federal and state constitutional guarantees of equal protection and due process. Uber is trying to link the lawsuit with that of the photographers and journalist associations to make their case stronger.

However, more Blue states are taking the lead of California and starting a process to change existing laws. New Jersey Governor, Phil Murphy has already signed a package of bills into law. New York and Illinois have similar bills in the works.

But if the lawsuits keep piling up, states should take a wait and see approach until things settle down in California. After all, tens of millions of people are now working as independent contractors in the U.S. and around the world.

Image: Depositphotos.com

This article, “Some Californians are Fighting AB5” was first published on Small Business Trends

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If you are searching for new avenues to grow the sales for your small business, you should consider selling on Amazon.

According to the new research from Internet Data Corporation (IDC), small business owners are 2.5 times more likely to have registered 25% or more growth in the past year than those not selling in Amazon stores. What’s more, small businesses selling on Amazon are over two-times likely to witness hiring growth.

Small business owners are always looking for ways to increase revenue for their businesses. And selling online is an effective strategy to do so.

Selling on social media, creating an eCommerce website, and selling in an Amazon store or other marketplace are some popular ways you can adopt to grow sales online.

The findings of IDC’s research indicate that Amazon stores can be a winning digital sales channel for small businesses to grow their revenues.

Small Business Success in the Multichannel Age

Small businesses need to discover new sales channels to grow their businesses. This is the reason why they are also focusing on digital sales channels in addition to physical channels.

In fact, the majority of small businesses and medium-sized businesses (SMBs) have now started to offer their products/services online.

Needless to say, Amazon is one of the most popular digital sales channels for almost half of the SMBs.

37.5% of SMBs have been selling in Amazon Stores for 1- 3 years.

SMBs that are selling in Amazon stores are growing faster, thanks to the tools Amazon offers businesses to grow.

34% of SMBs that sell on Amazon have seen 25% to 50% of growth. However, only 15% of businesses that don’t sell in Amazon stores have been able to touch that growth mark.

What’s more, 12% of businesses that sell on Amazon have seen the growth of more than 50%. But only 3% of SMBs have been able to grow more than 50% without Amazon.

With the help of Amazon, small businesses not only have been able to grow their revenues but also successfully hire more people.

SMBs selling on Amazon are more than double as likely to have 25% to 50% hiring growth compared to SMBs that don’t sell on Amazon.

Shari Lava, Research Director, Small and Medium Business at IDC, said, “Every small business surveyed is already selling to customers through online channels or planning to do so by the end of 2021, which is a huge step forward for SMBs as it empowers them to sell to customers across the country and around the world. It’s clear that selling through online channels—either through their own website or a third party website—is boosting SMB growth and driving job creation across the country.”

Considering the growth Amazon stores can bring in, more and more small businesses will join the eCommerce giant in the coming months to sell their products online.

How to Boost Revenue for Your Amazon Store

When you sell your products on Amazon, you must follow the best practices to improve the visibility of your products.

You cannot just put up product listings and expect good results. You will actually need to make efforts to stand out from the crowd.

Here are some tips that you can follow to grow your revenue:

• Write accurate titles and descriptions of your products
• Include 2-3 high-quality image for each product
• Choose the right categories and sub-categories for your products
• Solicit reviews

Also, you should understand that people buy more during the holiday season. So, you should make an aggressive strategy to leverage the holiday season to boost sales.

About the Research

The research was conducted by International Data Corporation, and Amazon commissioned this research.

IDC surveyed small and medium business owners, executives, and managers across multiple industries that are currently selling or planning to sell online. 350 SMBs participated in the survey.

Click here for more details about the research.

Image: Depositphotos.com

This article, “Small Businesses Selling on Amazon Seeing Big Revenue Growth” was first published on Small Business Trends

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As a small business owner, you might think hiring freelancers and part-time employees is the best approach. It helps manage your staffing budget while helping the company grow. This can work for certain positions. But other key functions may require a full-time employee. They can get you to the level of growth you’re looking for. That’s why we asked a panel of Young Entrepreneur Council members the following question:

“Part-time positions can help a company grow, but they aren’t always the best approach. What position in a small company needs to be full time, even if finances are tight?”

Full Time Small Business Positions

Here’s what YEC community members had to say:

1. Developers

“There are plenty of freelance developers out there, but you’re going to want to find someone dedicated to your company. I’ve encountered problems with developers where my project wasn’t important because I was “just another client.” I find that by using full-time developers, we meet deadlines and exceed customer expectations consistently. This tip is vital if you’re just starting a new business.” ~ Chris Christoff, MonsterInsights

2. Customer Service

“Consumers today want fast customer service and support — and your small business can’t offer that with a part-time customer service or support employee. Make sure you have a full-time customer service manager so that you can provide superior customer service to your valuable customers. Great customer service will help you keep your existing customers and attract new ones.” ~ Thomas Griffin, OptinMonster

3. Sales

“Having a dedicated sales team is essential for a business’s survival and growth. It’s vital to keep on a full-time sales team or salesperson to win customers over. Customers need to interact frequently with salespeople over a period of time before they will buy from you. Businesses can’t afford to have a part-time sales team or it simply won’t have the income to keep the business running.” ~ Syed Balkhi, WPBeginner

4. Accounting

“Entrepreneurs should never handle their own finances. You need a full time accountant. However, the hack is to outsource this to someone who will give you the services of a full-time accountant, but only charge a fraction of what an accountant or a bookkeeper charges. There are many providers out there that will gladly do this. This concept revolutionized our business.” ~ Rodrigo Mora, 5448 Enterprises

5. Human Resources

“Even if your business is still on the smaller side, that doesn’t mean it doesn’t need an HR professional. This department takes care of new hires, benefits, payroll, etc. and takes a load off your shoulders as your business expands.” ~ Stephanie Wells, Formidable Forms

6. Legal

“Lawyers are expensive: There’s no getting around this fact. However, it’s far more expensive to make a mistake that can lead to a nightmare of litigation. Because of this, I recommend every business have full-time access to legal professionals as advisors so they can avoid falling into one of these traps.” ~ Bryce Welker, Accounting Institute of Success

7. Anything Tied to Intellectual Property

“Anything that is tied to key intellectual property should not be part-time. This is a good catch-all way to ensure that the people you are working with are committed to the project for the long-term. Part-time people will have to find multiple commitments and that will distance them from your business.” ~ Nicole Munoz, Nicole Munoz Consulting, Inc.

8. SEO Specialist

“SEO is everything these days, and you want someone on your team that knows your business inside and out and is fully committed. This way they can properly implement an overarching strategy that is consistent and make sure all of your content serves this strategy.” ~ Reuben Yonatan, GetVoIP

9. Social Media

“Social media is your quickest and most direct way to communicate with your customers. It is vital that position be fully ingrained in company culture and available for last-minute needs. Those who make this a part-time position have not embraced the power social media can play in growing a business.” ~ Leila Lewis, Be Inspired PR

10. Operations Manager

“While some roles can easily be managed by part-time or even remote workers, the most important full-time position that urgently needs to be filled in order to grow is always an operations manager. A full-time manager allows the business owner to breathe and to create room for important bigger picture items and growth, without focusing on the day-to-day and putting out fires.” ~ Rachel Beider, PRESS Modern Massage

11. Upper-Level Management

“The more important the position, the less likely it is that you should employ someone part-time. So really, any part of your upper-level management team should be full-time. That’s where it’s most important that you have loyalty and dedication, two things you might not get with a part-time hire.” ~ Andrew Schrage, Money Crashers Personal Finance

12. Key Value Generators

“Any employee who is important to the success of your business and who is not easily replaced should be a full-time employee. No one is completely irreplaceable, but replacing some employees is more expensive than others. A part-time employee is more likely to leave and less likely to feel committed to the business. Giving them a full-time position may well be less expensive than replacing them.” ~ Chris Madden, Matchnode

Image: Depositphotos.com

This article, “12 Small Business Positions That Should Be Full Time” was first published on Small Business Trends

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How are small businesses feeling? According to a number of reports and indexes, very confident.

In this week’s round-up we have seen an all time high in wage growth and a high number of jobs from franchises. And with 2019, coming to an end in a little over a couple of weeks, it is a great way to welcome 2020.

In addition to these articles, the round-up has great marketing tips for bringing more visitors to your site along with the new top colors for brands in 2020 from Shutterstock.

The range of topics covered on Small Business Trends looks into all aspects of small business operations so you can get the answers you need in one place.

Whether it is retail trends, technology, startups, management or the other subjects take a look at this week’s roundup or the rest of the site for more.

Small Business News

Small Business Wage Growth at All Time High

According to the latest index report by Paychex and IHS Market, the average hourly earnings are up by 3.11% among employees of small businesses. This is the highest growth in wages since 2011, which is in part driven by low employment in the U.S.

Franchise Businesses Created 24,600 Jobs in November

The November 2019 ADP Small Business Report shows another month in which franchises are generating large number of jobs. Generally, this is a segment that shows considerably lower numbers, however, it hasn’t been the case the past couple of months. November 2019 ADP Small Business Report In October, franchises created 30,100 jobs.

Weave Payments Untangles Payment Processing for Small Businesses

Weave has announced the launch of Weave Payments. It’s a full-scale payments platform that caters to small and midsize businesses (SMBs). The platform looks to help owners reduce the time spent on back-end functions. These include processing paperwork so they can instead focus on growing and running successful businesses.

Data Security Remains Top IT Concern for Small Businesses and Others

A recent study shows 43% of data breaches involve small businesses. As a result, it’s no surprise that data security is the top IT concern for 2020. Netrix IT Trends 2020 provides more details. For example, 74% of organizations voted data security as their top IT priority in 2020. And 43% of organizations named data privacy as their top IT goal.

U.S. Chamber’s Shop Safe Campaign Seeks to Protect Businesses from Counterfeit Goods

In a bid to fight fake goods and scams this holiday season, the US Chamber of Commerce has launched its Shop Safe campaign. The campaign is spearheaded by the Commerce Global Innovation Policy Center (GIPC). The GIPC warns the holidays present an opportunity for counterfeit goods and scam artists to trick unsuspecting customers.

Trump Approval Rating Among Small Business Owners at All Time High

The Q4 2019 CNBC-SurveyMonkey Small Business Survey reveals the approval rating among small business owners for President Trump is at an all-time high. At 60%, the report says it is the highest number recorded since the survey’s inception.

Management

What is Employee Relationship Management?

Employee relationship management are tools and techniques small businesses use to keep their employees happy and engaged. Here’s what you need to know to put together a system that works. What It Is Joe Flanagan is the Lead Project Engineer at Tacuna Systems. He supplied a more detailed definition. “It includes interactions between employers and employees,” he writes.

What is Holiday Pay and Should You Offer It?

Holiday pay is paid time off. Government statistics report that small businesses paid $0.78 for holiday pay per hour in 2019. As the festive season approaches, it’s important to understand the benefits to offering this extra pay to employees. There are no hard and fast holiday pay laws. The Fair Labor Standards Act (FLSA) doesn’t make holiday pay a legal requirement.

Marketing Tips

How to Get Your Site Visitors to Read More of Your Articles

The Internet has gotten much faster: People just surf from page to page seldom making a pause to read or watch carefully. There’s some solid research on that phenomenon. And even though it is widely criticized, I personally see that too. I find it much harder concentrating on one thing for a long time. Click the link off my social media feed.

Shutterstock Reveals the Top Colors for your Brand in 2020

Businesses go to great lengths to find the right color that best represents their brand. This is because it is a great way to communicate your message; and a very simple way too. With that in mind, Shutterstock just announced the color trends the company is expecting to dominate in 2020.

Want to Market Your Business More Authentically? Read On

In case you haven’t heard, authenticity is the name of the game for online marketers and small business owners. Whether you have the big corporate brand name or not, people are looking to see that you actually care about others and your message before buying from you. You probably already know how important brand loyalty and trust is.

Retail Trends

Examples of Good Customer Service in Retail

Even in this digital age, retail remains still primarily a people business. No matter the size of your business, learn from these examples. Good customer service in retail focuses on your customers and builds customer loyalty. Total Wine & More: Total Expert Customer Service Founded in 1991 as a small store in Delaware, Total Wine & More now runs 205 stores across 24 states.

Image: Depositphotos.com

This article, “Top Stories: SMB Wages at All Time High, Franchises Create Even More Jobs” was first published on Small Business Trends

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