As the name suggests, a wantrepreneur aspires to own their own business and become an entrepreneur.

A wantrepreneur doesn’t hold back in talking about their great business idea. Though the bragging often doesn’t turn into action. And the wantrepreneur can tend keep on talking about their business idea forever!

Traits of a Wantrepreneur

Some of the key traits of a wantrepreneur include:

Talks the Talk but Doesn’t Walk and Walk

Someone might posses the next billion-dollar business idea. But they also must get active pursuing their business idea. And avoid becoming one of those people who do nothing but talk. Otherwise they’ll fall head first into the wantrepreneur category.

Makes Excuses for Not Getting their Business Idea Up and Running

Excuses include not having the time, lacking the funds or waiting until ‘next month’ to start. Wantrepreneurs are full of them. They use them to explain their lack to entrepreneurial action.

Refuses to Perceive Themselves as a ‘Salesman’

Wantrepreneurs also blame their lack of sales skills for holding them back.

True and successful entrepreneurs work hard to overcome all obstacles, including a lack of sales skills.

Has an Eternal Goals List

Wantrepreneurs might have unique and creative ideas, but they are typically hopeless at getting things done. From money goals, to vacation ones, career goals to New Year’s Resolutions, a wantrepreneur’s goals list rarely has anything ticked.

How to Determine if You’re a Wantrepreneur or an Entrepreneur?

If you’re unsure whether you’re an entrepreneur or are stuck in wantrepreneur doldrums, take a look at the following means of determining your businessperson status.

You’re Forever Waiting for those ‘Perfect Conditions’

It might be a recession, personal problems, or an unexpected promotion at work that’s holding you back from taking the plunge and starting your own business. Waiting for those ‘perfect conditions’ that rarely surface, is a tell-take sign that you’re a wantrepreneur.

You’re Opposed to Taking Risks

Not all risks pay off, but entrepreneurs recognise that even failure provides an opportunity to learn. If you’re opposed to taking risks and don’t regard risks in any optimistic light, you could well be a wantrepreneur who aspires to be an entrepreneur rather than an actual entrepreneur.

You Focus Solely on the Money

There’s much more to running a business other than paying cheques into the bank and watching the dollar signs tot up. Running your own business comes with a myriad of rewards other than financial ones.

While it is nice to reap financial rewards, if you’re solely focused on making a ‘quick buck’ and are reluctant to put the blood, sweat and tears to get there, could be a sign that you’re a wantrepreneur not an entrepreneur.

You’re Slow to Adapt

Whatever industry you’re involved in, the business landscape is constantly evolving. Wantrepreneurs tend to be more ‘stuck in the mud’ than entrepreneurs, who are able to adapt to changing environments and demands, always act quickly and strive to innovate within evolving landscapes.

If you’re reluctant to embrace change and are slow to adapt to changing environments, you might be fall into the wantrepreneur path rather than entrepreneur.

You Worry Too Much About Funding

Whereas a successful entrepreneur doesn’t worry about what he or she doesn’t have and goes all guns blaring to get the capital required to get their business venture off the ground, a wantrepreneur worries excessively about funding and not having sufficient funds to pump into their business venture, which can often be used as another excuse for failing to get the business started.

How to Progress from a Wantrepreneur to an Entrepreneur

Prepare yourself to shake off your wantrepreneur shackles. And transform yourself into a thriving and unstoppable entrepreneur.  You should consider doing the following:

1. Keep your business idea a secret and refrain from shouting about your idea to prevent others from stealing your business plans before you have time to get your venture up and running.
2. Get a solid business plan written up ASAP.
3. Throw away those negative excuses today and, if you’ve not got time, simply make time!
4. Put the work into your business idea by striving to get the funding, sufficiently branding and marketing your business and overcoming obstacles that almost inevitably fall in every business’s way.
5. Finish what you started by persevering with your business through a willingness to take sensible risks and putting in some blood, sweat and tears.

Image: Depositphotos.com

This article, “What is a Wantrepreneur and How Can You Avoid Being One?” was first published on Small Business Trends

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A bill that has passed the California State Senate promises to reclassify some gig workers as full time employees.

Assembly Bill 5

The consequences of Assembly Bill 5 (AB5) becoming a law could have far reaching effects on small businesses using these types of contract workers. First and foremost, business costs could skyrocket.

As expected, entrepreneurs and others are divided debating the pros and cons. Small Business Trends took at sampling of the opinions.

Ramon Ray, founder Smart Hustle Media, started the ball rolling when he posted his thoughts on Facebook Sept. 4 shortly after the bill was introduced.

The post read in part:

“This hurts Uber and Lyft sure, but also hurts the millions of people who can make extra cash or their sole income this way. An employee (with benefits and etc) is an ENTIRELY different model than what the BENEFITS of the gig economy was designed for.”

Free Market Stance

Many of the folks who responded sided with Ray’s pro free market stance.

Small Business Trends contacted him to get some further clarification.

“Most people who responded to the post said two things,” he said. “First, we like the free market economy and second these jobs are contracts.”

According to Ray, the agreement offered by these companies is simple.

“You get paid a certain amount of dollars to do a certain amount of work. It’s an agreement.”

Gig Economy Status Quo

The bill sides with workers but threatens the gig economy status quo.  It covers millions of workers by guaranteeing them rights like minimum wage, unemployment insurance and overtime. Not surprisingly, there are other viewpoints on how the bill will shape this work going forward.

For example, Michael Zima, Chief Growth Officer, Zima Media, had a different opinion.

“The progress with this bill is paving the road for the future of work,” he writes. “On a local level, it’s essential to protect both the business and worker to retain the same quality of life a full-time employee may have.”

Jared Weitz CEO and Founder at United Capital Source Inc, brought up another interesting angle.

“Shared ride services like Uber and Lyft that now are facing billions to update their service models,” he writes. “This shift will impact consumers since they likely will incur the costs.”

Legalities?

There’s bound to be some legalities that need to be ironed out when the bill passes, which it is expected to do.  David Reischer, Esq. Attorney & CEO of LegalAdvice.com ,supplied his thoughts.

“There are multiple factors that a court will likely look towards to determine if a person is entitled to certain benefits as an employee,” he writes.  “These factors include, does the person work from the main office; resources supplied to employee/independent contractor; and direct delegation of tasks.”

Finally, a small business owner puts his two cents in.

“There needs to be a balance between what is good for business and what is good for employees,”  writes Mike Falahee, Owner and CEO of Marygrove Awning Co. “This may be an important social experiment.  But if gig employees are put against the same requirements as full-time employees, will they be hired for the job? People are drawn to freelance opportunities for specific reasons and this bill may not take into consideration those reasons.”

Assembly Bill 5 has been sent back to the state Assembly where it is expected to get final approval.

Image: Depositphotos.com

This article, “Uber and Lyft Drivers May Soon Be Employees in California – While Entrepreneurs Hotly Debate” was first published on Small Business Trends

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Zoho One is a platform with more than 40+ integrated business and productivity applications. And the company continues to expand the capabilities of its platform with new tools and updates.

The latest, which became available Sept. 12, 2019, include new operating system services, business workflow management and product and service innovations.

One way Zoho keeps its customets, including many small businesses, engaged and in the loop is by providing free seminars. And the latest one is going to be held in San Francisco on October 15, 2019.

The seminar will address the basics of the Zoho One platform to get you up and running in your business as well as tips, tricks and best practices.

By attending this event, you will learn the benefits of having a single platform for Intra organizational operation.

In addition to San Francisco, Zoho will be holding other seminars through November across the U.S.

Click the red button and register to attend the free seminar.

Register Now

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Featured Events, Contests and Awards

Free seminar: Learn how to optimize your business (San Francisco, CA)
October 15, 2019, San Francisco, Calif.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Listening to the Voice of the Customer
October 16, 2019, Chicago, Ill.

Led by veteran product development and market research experts, this course will introduce Voice of the Customer (VOC) market research and teach you to use it to accelerate innovation in business-to-business markets. The workshop uses a lively, interactive format with numerous hands-on activities and practice exercises to build skills and will also expose you to the latest applications of these techniques in areas such as machine learning and journey mapping.
Discount Code
SMALLBIZ ($100 Off)

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Free seminar: Learn how to optimize your business (Irvine, CA)
October 17, 2019, Irvine, Calif.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (San Diego, CA)
October 18, 2019, Online

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Miami, FL)
October 22, 2019, Miami, Fla.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Boston, MA)
October 24, 2019, Online

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (New York, NY)
October 25, 2019, New York, N.Y.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Seattle, WA)
November 12, 2019, Online

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Denver, CO)
November 14, 2019, Denver, Colo.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Chicago, IL)
November 15, 2019, Chicago, Ill.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Atlanta, GA)
November 19, 2019, Atlanta, Ga.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Small Biz: Banking Conference
November 19, 2019, Los Angeles, Calif.

The small biz: banking conference delivers access to thought leadership, best practices and leading solution providers. Discover how industry leaders attract and retain small business deposits, fee-based services, and loans, and much more.
Discount Code
BIZTRENDS ($200)

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Free seminar: Learn how to optimize your business (Dallas, TX)
November 21, 2019, Dallas, Texas

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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Free seminar: Learn how to optimize your business (Phoenix, AZ)
November 22, 2019, Phoenix, Ariz.

Join us to learn how one complete view of your business, with apps that effortlessly integrate, can enhance your productivity, increase customer satisfaction, and help you effectively collaborate with staff, partners, and investors. Our free educational seminar will cover basics of the Zoho One platform, plus tips, tricks, and best practices to help optimize your business.

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More Events

• ACCESS Conference 2019
  September 17, 2019, Nashville, Tenn.
• DigiMarCon Asia Pacific 2019 – Digital Marketing Conference & Exhibition
  September 18, 2019, Singapore
• World’s Largest MBA Tour is Coming to Philadelphia – Register for FREE
  September 30, 2019, Philadelphia, Pa.
• DigiMarCon Singapore 2019 – Digital Marketing Conference & Exhibition
  October 02, 2019, Singapore
• World’s Largest MBA Tour is Coming to Miami – Register for FREE
  October 16, 2019, Miami, Fla.
• World’s Largest MBA Tour is Coming to Austin – Register for FREE
  October 21, 2019, Austin, Texas
• TECHSPO Dubai 2019
  October 22, 2019, Dubai, United Arab Emirates
• Rhodium Weekend
  October 24, 2019, Las Vegas, Nev.
• World’s Largest MBA Tour is Coming to Denver – Register for FREE
  October 28, 2019, Denver, Colo.
• Small Business Expo 2019 – LOS ANGELES (October 30, 2019)
  October 30, 2019, Los Angeles, Calif.
• IMPACT>MOBILITY USA 2019
  November 04, 2019, San Diego, Calif.
• HR World 2019
  November 14, 2019, Nashville, Tenn.
• 4th Annual Blockchain Opportunity Summit 2019
  December 10, 2019, New York, N.Y.
• Pitch Deck Summit
  December 11, 2019, Austin, Texas
• National Small Business Week
  May 03, 2020, Online

More Contests

This weekly listing of small business events, contests and awards is provided as a community service by Small Business Trends.

You can see a full list of events, contest and award listings or post your own events by visiting the Small Business Events Calendar.

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This article, “Learn More About Using Zoho One for Your Business at this Free Event” was first published on Small Business Trends

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A reader from Georgia asks:

“I suspect one of my employees is stealing from my company. This is someone I’ve known and trusted for over 10 years. She has a family and I’ve been to her home many times for barbeques and birthday parties. I am sick over this situation. What should I do about this employee theft? Do I call the police? Confront her? Give her a chance to resign?”  

  –  Aaron W. from Atlanta, Georgia

Aaron, you didn’t say what the person was stealing or the amount involved. We’ve had some experience dealing with embezzlement and employee theft issues. So we’ll offer some guidance based on various circumstances and explain how to handle it.

Every theft by an employee requires a response of some kind.  Left unchecked, even a small instance of employee theft may get worse. It becomes a habit. And it may become contagious, meaning other employees become emboldened figuring they can get away with theft, too. They may assume you don’t pay attention — or that you simply don’t care.

That said, how you respond depends on the seriousness of the theft and how much proof you have.

How to Handle Embezzlement and Employee Theft

Gather the Facts

The first step is always to get the facts in order.  What you need is proof. Good proof might consist of catching an employee on a security camera stealing money.

However, most of the time the evidence won’t be that clear. You may have to gather documents, get cancelled checks from your bank, or examine accounting records. An important part of investigating is to question employees.

In the investigation stage, ask — don’t accuse.

Because what if you’re wrong? If you falsely accuse an employee of theft, you will irreparably harm the employer-employee relationship. And you could do real damage to someone’s career with a false accusation.

Call employees into your office one by one for confidential interviews.

Here are two examples of how to handle a theft interview. Ask the employee questions about the situation. Start out like the following:

• “I’ve discovered the cash register was short by $200 this month. Do you have any idea what may be going on, Susie?”
• “A lot of our supplies have gone missing. In the last two months we’ve gone through 20 times the amount of coffee K-pods we normally use. Do you know anything about that, Susie?”

What you do next depends on the employee’s response. Watch facial expressions and body language. And see what they say.

The employee may just have a legitimate explanation for whatever you’re investigating. For instance, perhaps she moved something from one place to another, or created different data entries that explain where funds are, without telling you.  This is why you should ask before accusing. And be open minded to the response.

She might also offer some kind of excuse, which you will have to weigh.

If the Employee Admits it or You Have Solid Proof

In my experience, guilty employees often admit to theft when questioned — without much pressure. It’s as if they feel tremendous stress and are relieved it’s over.

So let’s say the employee admits to the embezzlement or theft.

Or you have reached the point in the investigation where you have solid proof.

Now it’s time to switch to confronting the employee and taking action.

Confront the Employee With Disciplinary Action

Depending on the seriousness and nature of the offense, you could take one or more of the following actions in a confidential meeting.

If it’s a relatively minor situation, you might:

• Express your disappointment and that your trust has been violated.
• Give a stern warning and ask the employee to repay or replace what they took.
• When it comes to office and cafeteria supplies, employees sometimes think they have the right to take items home. So you may have to educate the employee about company policies and values.
• If you are so inclined, suggest that in the future the employee ask up front if they need something. Perhaps you’d be willing to offer a salary advance if they need funds. Or give them supplies if they truly are in need. But only if they ask first.
• Document the action such as in a confidential email or memo to the employee.

If it’s a serious matter (complex embezzlement fraud scheme, high dollar amount), your  response is more likely to be:

• Terminate the employee on the spot.
• Or ask the employee to leave the building immediately on unpaid leave. The employee should leave all company property behind including keys, laptop or company issued phone or car. Putting the employee on leave will give you time to consult with your attorney or think clearly about next steps such as termination and calling the police.
• If you put the employee on unpaid leave, you will have to terminate the person officially through some kind of followup communication, either through a letter or another meeting.

If the employee belongs to a union, follow the union’s contract process.

Cut Off Access

Be sure to immediately cut off access to all company systems, data, premises and financial accounts for anyone you place on leave.  And of course do the same if you terminate an employee.

Contact Your Attorney

Involve your attorney early for advice, especially in serious cases. Your attorney can guide you as to how to conduct an investigation, how to preserve evidence, when to call in the police, how to handle the employee, and how to notify third parties.

If you suspect embezzlement of large sums of money or a significant pattern of fraud, calling your attorney is essential!  White collar crimes like check forgery or fraud schemes can be complex. Dishonest employees get good at covering their tracks – sometimes for years. It can take a trained forensic investigator to trace the full scope of a fraud.

Not only that, but serious embezzlements and thefts often kick off a chain of legal ramifications. Your small business may need to navigate a legal minefield including:

• Insurance claims:

  A crime insurance policy may cover your losses, and you will need to file a claim. Your attorney can help protect your claim rights.

• Third parties that may be liable:

  Third parties such as banks may be liable for your losses, and you should put them on notice. But be careful what you say. Third parties will seize on any reason not to pay, including casual comments that could be interpreted as admissions against your interests.

• Government authorities:

  You may be in jeopardy from unpaid tax money that a dishonest employee embezzled unbeknownst to you. You may need to protect against IRS seizures, liens and other actions that could wreck your credit score and sink your business.

• Employee lawsuits:

  Employees may sue you for defamation or wrongful termination if evidence is weak or if you bungle the investigation.

The more serious the matter, the more crucial it is to get legal advice early.

Report Embezzlement to the Police

Many employers, especially small businesses, don’t report embezzlement fraud and theft. But that is a mistake.

If you’re talking about a few missing supplies worth $20, it doesn’t warrant calling in law enforcement.

However, you should report all serious embezzlement situations and any theft involving high value to the police, for several reasons:

• It may be the only way to get restitution.
• Your other employees need to know you take this seriously. You don’t want anyone else to assume they can get away with it.
• If you have insurance to make a claim against, or plan to try to hold another party such as a bank responsible, you will need to press charges.
• You don’t want the embezzler to move on to some unsuspecting future employer because there’s no public record.
• A thorough investigation may help reveal how a fraud scheme occurred. This may help you take steps to avoid similar situations in the future.

Don’t Wait!

The faster you act, the better you can protect your business and the faster you cut your losses.  Besides, workplace theft can throw a business into incredible turmoil and put crushing pressure on you as the owner.

Put Control Systems in Place

One of the most important things you can do is make sure the same thing doesn’t happen again.

Change internal procedures to minimize access and avoid temptation. Put checks and balances in place. For instance, if equipment or inventory is missing, do a better job of using software to track items and security cameras to tighten up security.

Also, require separation of functions.  Never allow one employee to have complete control. Assign one person to process transactions, and another to reconcile the bank account and make accounting entries. Or do one of the functions yourself if your organization is small.

Also bring up the topic of being frugal and emphasize the trust you are placing in everyone, in team meetings.

When you put proper checks and balances in place, you limit the opportunity for temptation and access to do harm.

Find Someone to Talk With

Last but not least, take care of yourself. If the embezzlement involves large sums, you will be upset and perhaps in shock. You may have a mix of emotions roiling around.

Try to control your own emotions and reaction, not just toward the guilty employee but toward everyone else in the business. They are depending on you to be as calm and collected as possible, and not fall apart emotionally. This is another reason to discuss the situation with your attorney.  It buys you time to cool down. Talking with a skilled advisor will help you sort out your options with a level head.

Find a friend or talk with your spouse. You might also want to talk with a spiritual advisor or a mentor.  Or you might pray as a form of talking with a higher being.

Embezzlement and theft is never easy to confront and deal with.  But your business survival and your employees’ livelihoods may depend on the tough decisions you make.

Good luck!

Get more employment advice.

All answers to reader questions come from the Small Business Trends Editorial Board, with more than 50 years of combined business experience. If you would like to submit a question, please submit it here.

Image: Depositphotos.com

This article, “How Do I Handle Embezzlement and Employee Theft?” was first published on Small Business Trends

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When you are competing with the likes of Amazon, it is hard for a small business to deliver on customer expectations. This is especially the case with shipping.

A new survey and report from Clutch looks to find out, “How Consumer Hunger for Two-Day Delivery Impacts Small Businesses.” As more small businesses introduce online commerce with their brick and mortar operations, shipping plays an important role.

Riley Panko, who wrote the report, explains the challenges small businesses face as more consumers order online.

Panko says, “Deliveries must move fast in the age of online shopping. Customers may not understand what exactly goes into getting a package to their doorstep in 2 to 3 days, though – and that their expectations for faster shipping have consequences, including pricing out smaller, local retailers that cannot offer fast shipping on the scale of major online retailers.”

According to Panko, the goal of the report is to help:

• Consumers understand the real-world impact of their expectations for faster shipping
• Small businesses learn strategies for adapting to faster delivery timelines

In order to find out how Clutch surveyed 528 online shoppers. The participants in the survey revealed how quickly they typically get their package. They also shared their opinions on shipping times.

Data of Online Shoppers

According to this survey, 48% of online shoppers say they get their packages within 2-3 days. Another 42% say it takes 4-7 days to get their online orders, but overall consumers now expect faster shipping.

image: ClutchWhen it comes to getting a package within one day, only one in 20 customers or 5% say this is the case for them. So, even though customers expect faster shipping, the vast majority are willing to wait. This, however, doesn’t mean their patience is without limits.

Almost half or 45% will not order from a company again if the delivery is late. Panko gives small businesses great advice on this very data point. She goes on to say don’t promise quick delivery timelines if you can’t execute.

image: ClutchCustomers are willing to wait, but not for it to get there late. So, if they are willing to wait a bit longer, make sure it gets there on time. Otherwise, it might be the last time you hear from them.

Impact of Faster Delivery Demands

No matter what percentage of your business is made up of online commerce, you have to prioritize faster delivery. Because if your customers can count on you and you meet their demands, you will retain them longer.

How can you do this?

You start by adjusting your shipping strategy so you can compete with other small businesses or even large eCommerce companies.

These are the recommendations from the report:

• Reconsider the popularity of their current product offerings and consider streamlining products that are less popular but more difficult to ship
• Understand the benefits of shipping from certain geographic locations
• Communicate constantly with customers about the progress of deliveries
• Be realistic about their shipping capabilities and not over-promise on delivery timelines
• Seek outside help from third-party logistics providers if they can’t keep up with consumer expectations

Conclusion

Last but not least, talk to your customers. An advantage your small business has over a multi-national is you can deliver a more personalized service. With this relationship, your customers probably won’t mind waiting another day or two to get their package.

The key is not to overpromise and deliver the packages late. If the package is going to arrive late, call the customer and explain why. Again, personalizing your connection with the customer is important.

Even if 45% of customers will not order again if shipping is late, the fact that you called to explain the reason might give you another chance.

You can read the full report here.

Image: Depositphotos.com

This article, “Can Your Small Business Keep Up with Faster Shipping Demands?” was first published on Small Business Trends

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Should a Small Business Owner Independently Learn SEO and Digital Marketing?

Do you like business horror stories where the good guy wins in the end? Then this story is for you. With a population of 31,000, Juneau, Alaska is the biggest city in its region. But physical roads to the outside world are practically non-existent. When you think of “global reach”, it’s not a city you would name. Then how did one small B2C business in Juneau ramp up and expand beyond domestic success?

New technologies allowed the brand, named Invisible World, to collaborate better. It let them import from Bolivia and Peru. And source in other countries. But technology didn’t automatically mean smooth sailing. Sometimes technology was a gateway to the company being exploited.

Still Thriving After 34 Years and Several Costly Blunders

Small Business Trends connected with Invisible World’s owner, Stuart Archer Cohen, to take a look back on what they did to grow, and to hear about what they wish they’d done differently. He also shared some raw thoughts about selling through Amazon. Founded in 1985, it wasn’t until 2003 that Invisible World started leveraging ecommerce to sell items.

In 2017, they closed the Juneau storefront to concentrate exclusively on the internet. Invisible World now produces in five countries and sells in eight others. While the company headquarters are still in Juneau, only 23 percent of their merchandise ever actually passes through Alaska.

According to Cohen, costly business mistakes were made in Invisible World’s early online days. Some of those mistakes stemmed from how they didn’t put in the necessary time and effort to understand digital marketing and SEO themselves.

Unfortunately they believed if they threw enough money at a problem, it would get solved. And we all know: Those roads don’t lead to success. But thankfully, Cohen says the success of Invisible World in 2019 has been directly proportionate to the effort they’ve made to understand the big picture.

image: Invisible World Stuart Archer Cohen is the owner of Invisible World, an apparel company that began as a small retail store. Invisible World now sources alpaca, cashmere and silk clothing in South American and Asian countries, and sells in North America, Europe and Australia. Cohen is also the author of four novels.

* * * * *

In the Apparel Industry, Many Traditional Rules of Business Etiquette Still Reign

Small Business Trends: Hi Stuart, I’ll start with a curveball ask. Can you give some business advice that’s ‘not heard enough’ in the textiles industry, but still advice you live by?

Stuart Archer Cohen: My business is 100 percent dependent on my suppliers, and I never forget it. It’s often assumed in ecommerce that this ancient relationship of buyer and seller is as automated as everything else, but, in fact, your supplier can make you money or cost you money.

Suppliers can prioritize your shipment or someone else’s, they can let you experiment with products or require a high minimum order. I go to South America and Asia every year, sometimes simply to have dinner with my suppliers.

Mutual respect will preserve relationships when problems arise, as they always do. We started Invisible World before fax machines, and I am still dealing with some of the same suppliers. Treat suppliers with courtesy and interest and you’ll probably end up with some lasting friends that enrich your life. Conversely, I rarely buy from anyone I don’t like.

image: Invisible World Small Business Trends: Do you notice a lot of online struggles among apparel startups? What areas are they having trouble understanding?

Stuart Archer Cohen: You can’t hire someone to understand something for you. Internet concepts are not difficult, but there are a lot of them. The best information is all online and free and if you put in the time, you will do a better job than almost anyone you hire. Focus on one area at a time or you’ll be overwhelmed. Do the basics well.

Don’t get caught up in sophisticated techniques used by big-budget experts. Do your basic SEO, a couple of simple advertising tactics and perhaps one social media platform, and see what works. Have professional-grade photos and manage your email campaigns well, and you’ll survive long enough to get to the next level.

Burned by a Marketing Agency

Small Business Trends: But not everyone’s willing to do DIY. So are you saying to beware of marketing agencies?

Stuart Archer Cohen: I definitely caution against internet shysters. The right contractor, sourced through a reliable platform such as Freeeup, can be an incredible blessing for your business, but keep in mind that the internet is full of liars, charlatans and incompetents.

I know that because I’ve been fleeced by many of them. Imagine this situation. You’ve read about SEO, or Adwords, or social media, or whatever’s the latest “can’t-miss ecommerce strategy”, but you don’t understand it, plus you’re too busy running your business to become an expert on it. Along comes someone with all the right techy buzzwords, and you give them carte blanche to manage your SEO or Adwords or social. Six months and thousands of dollars later you realize sales are roughly the same despite all this and on top of that you notice Adwords has an average cost of $200 a sale when you’re selling $50 items.

And why do these situations happen? Perhaps the person you hired knew more than you, but was simply not very good at it, or else farmed it out to another contractor, or just didn’t care as long as you were willing to keep making those monthly management payments.

Small Business Trends: Yeah, that angers me, but quacks exist who are more horrible than that, sadly.

Stuart Archer Cohen: A cut below that are the various get-rich-quick internet schemes where fast-talking twenty-somethings pose in front of Lamborghinis while working four hours a week from a beach in Thailand. For just a few thousand dollars, they can introduce you to their secret 9-step formula for success on Amazon, even if you have no product and no business experience. Avoid these shysters and their high-pressure sales techniques. They’re ‘experts’ at identifying your pain points and playing to them, but their careful attention will end once you fork over the money.

“The mistake we don’t make is thinking someone else holds the magic key to success.”

Small Business Trends: It sounds like marketing agencies aren’t your favorite method of getting help.

Stuart Archer Cohen: If you have a big budget and are already making lots of sales, you can probably find a good agency. I have worked with three agencies and each one has been an expensive failure. Agencies like to bill you on a monthly basis, with no tracking of how many hours they spent or who did the work. In that situation, your interests in how many hours are spent on your account are in direct opposition to theirs.

I have found most agency work to be very standard versions of a Facebook or Google Adwords campaign, while most creativity was devoted to their attempts to convince me it was profitable. Excuses for failure always come back to you. You didn’t spend enough money. You didn’t wait long enough, etc. And just because a service is high-cost doesn’t mean it’s high quality.

Small Business Trends: Apart from the importance of avoiding charlatans, what advice do you emphasize when a startup’s new?

Stuart Archer Cohen: Ecommerce is full of hidden costs — shipping costs, subscription services, credit card fees, return fees. If you’re not on top of them, they will definitely get on top of you! Begin by controlling your cost with a detailed small business strategy. When you’re building a business, you tend to focus on the top line and its steady advance. However, most ecommerce entrepreneurs have a day of reckoning when they have to face the fact that their profits are a lot smaller than they thought. And not all survive.

Amazon is the worst offender when it comes to hidden costs. Access to top-line sales is instantaneous and fluid, but getting a handle on the 20 or so other costs that Amazon dings you with is almost impossible without deep digging or third-party software such as ManageByStats. For example, Amazon not only makes you pay for postage on returned items, they also keep part of their commission.

Beware of Opaque Fees and Costs

We discovered we were losing 7% just on items that were returned, and that’s just one example. Additionally, Amazon is extremely opaque in how they name and display fees, making it hard to understand what the fee was for. We pay commission of 17 percent. We discovered that other fees and returns brought our actual payout on gross sales down to about 60 percent. Always keep your eye fixed on the bottom line.

For businesses that haven’t yet built their website and are reading this, it’s been my experience that ecommerce requires a specialized website type which has many needs unrelated to other types of sites. It is not just things like a shopping cart — it also needs to function well as a sales platform. Platforms like Shopify, Volusion and BigCommerce are already optimized for ecommerce and for a single monthly fee will take care of everything. I say don’t build your site from the ground up; I recommend that companies or startups use a simple template and go for a clean design without too many added frills. Whatever you think you need, it will change as you learn more. We still make mistakes, but they are thoughtful mistakes and we learn from them. The mistake we don’t make is thinking someone else holds the magic key to success.

Images: Invisible World

This article, “Burned by a Marketing Agency? You’re Not Alone” was first published on Small Business Trends

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It’s the end of the week and we found out recently, it’s in your best interest to take the time ahead to get some rest.

A new study from the National Sleep Foundation reveals that a good night’s sleep positively affects the workplace.

In fact, that study shows that staying up for 18 consecutive hours is the equivalent of having a .05% blood-alcohol content. Would you go in front of your employees in that state? Unlikely.

So, imagine the impact you’re having if you’re not getting proper rest. The NSF survey found that 90% of supervisors say they’re a positive impact on their workplace when they get a good night of sleep.

Even if you can’t take it easy this weekend because it’s your business’s busy time, be sure to get a good night’s rest.

Freshworks Refresh 19

About 700 people attended the Freshworks Refresh 19 event in Las Vegas. In case you missed, it Brent Leary snagged an interview with the company’s CEO Girish Mathrubootham amid the flurry of activity. You can check out his interview here. And be sure to check the rest of our coverage of the event.

Shaq Shares Secrets of Success at Refresh19

Basketball legend and entrepreneur Shaquille O’Neal sat down with Girish Mathrubootham, CEO at Freshworks. They spoke at the recent Refresh19 conference to talk business and a few other things. They started out discussing how Shaq had a lesser known talent. He was actually a DJ.

Freshworks Announces Freshsuccess for Business at Refresh2019

Freshworks Inc announced Freshsuccess customer success management software recently at Refresh2019. The new tool brings together a variety of features. As a result, different teams in your small business can act together quickly to close more sales. An estimated 700 attended the event Sept 4 and 5 in Las Vegas. So the event functions as a global user conference.

Here’s a look at the rest of the week in news that’s important to small business owners:

Economy

Small Business Cost Cutting Secrets Revealed

With recession fears increasing day by day, it won’t be long before companies start looking for new ways to save money. Economic downturns can be make-or-break situations for plenty of businesses. And, costs are a big factor in who makes it out intact. Don’t wait until the market forces you to slash your budget. By then, it might very well be too late.

Employment

Should I Allow Employees to Dress Up for Halloween?

A reader from St. Paul asks: “I run a small insurance agency. Last fall some of my staff asked to dress up at Halloween in costumes, but I said no. However, I noticed some tellers at our community bank dressed up. And now my employees have asked again whether they can wear costumes this year on October 31st. Should I allow employees to dress up for Halloween?” –  Sue from St.

Quickbooks Payroll Adds New Feature to Simplify Health Insurance

Healthcare is one of the biggest challenges small business owners face. And according to a report by eHealth, 80% of owners worry about the cost.  But even with this worry, owners want to do right by their employees and provide healthcare. Simplifying the process is one way of getting more owners to purchase insurance for their workers.

Finance

Corporate Transparency Act Creates Regulatory Burden for Small Business

Beyond their intended goal, the cost of government regulations have far-reaching consequences. As a result, the National Federation of Independent Business (NFIB) strongly opposes The Corporate Transparency Act of 2019. This bill would limit the ability of anyone to create a business anonymously in the U.S.

Management

Ignoring Workplace Harassment Could Destroy Your Business

Workplace harassment was thrust into global consciousness following the #MeToo and #TimesUp movements, and rightfully so. There’s no place for it in any business, whether it’s coming from leadership or occurring amongst employees. Unfortunately, many companies still don’t address the issue head on.

Marketing Tips

Most Trusted B2B Brands in 2019

Your brand is just as important as your product to overall business success. The 2019 B2B Trusted Brands Report from Sagefrog lists the ones who are the most trusted. Small Business Trends contacted Mark Schmukler, CEO & Co-founder to find out the names and what small businesses need to look for in the B2B companies they work with.

Retail Trends

20 Popular Snacks Small Bar Owners Should Consider

Popular bar snacks remain a critical topic for small business owners seeking to open such an establishment. The options might not always be the healthiest in the world but will definitely rank up there among the tastiest. The number of unique American bar snacks alone can seem intimidating.

Small Business Operations

How to Create a Retail Disaster Recovery Plan for Your Store

As a glance at any day’s headlines will show you, disaster can strike anytime, anywhere. Every small business should plan for disaster. For retailers, however, disaster planning has additional urgency, because you have to worry not only about your employees, but also about your customers.

Taxes

How to Deduct Your Office Costs

You should have a nice office — for many reasons. It can impact employee performance, contribute to customer or client satisfaction, and affect your profitability and ultimate business success. Setting up and maintaining your physical layout entails one-time and ongoing costs. Office Expense Deductions The tax rules on how to write-off office expense deductions can be confusing.

Technology Trends

How to Create a Mobile Device Policy for Your Small Business

Smartphones and other mobile technologies are as important to the modern office as paper and pens were years ago. They help your small business increase productivity by 85% if used properly. But there are security and employee use concerns. Small Business Trends spoke with TRUCE Software CEO, Joe Boyle.

Alexa Blueprints You Can Use for Your Small Business

Smart speakers and voice assistants are taking over. In fact, Amazon alone has sold more than 100 million devices that give customers access to its voice assistant, Alexa. Alexa and other voice assistants like Google Assistant are changing the way people search.

29% of Small Businesses Spend Less Than $1,000 on IT Security Annually

The digital and network footprint of small businesses is continually growing. Online commerce, social media, remote workers, and cloud-based IT infrastructure are just a few of the examples. With such a large digital presence, cybersecurity has to be a top priority for everyone. But businesses are not spending enough on security to combat the clear and present danger they face.

Image: Depositphotos.com

This article, “In the News: Take a Nap – or Lose Your Ability to Manage” was first published on Small Business Trends

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