Archive for July, 2017

Asia Pac equities climb on solid lead from Wall Street

Wednesday, July 26th, 2017

Top 10 Ways to Change Compensation Structure Without Causing Panic

Tuesday, July 25th, 2017

Tips for Managing Compensation Changes Without Causing Panic
Business owners often need to make employee compensation alterations for various reasons, whether it’s to adjust for new business goals, launch new incentive programs or simply lower expenses. Unfortunately, many organizations forget to include employees in the process. This can lead to an overall sense of disappointment, anger and frustration with the employer and ultimately, hostility and lower productivity. To help avoid any unwanted surprises and keep a calm and professional working environment, we’ve asked 10 members of Young Entrepreneur Council (YEC) the following question:

“When you find that you need to shift your employee pay structure, how best should you go about doing so without making many waves?”

Tips for Managing Compensation Changes

Here’s what YEC community members had to say:

1. Create Transparency

“Your people should know what you’re doing as soon as you’ve made the decision to do it, if you want a team that’s built on trust. Making waves can’t really be avoided in this case because it’s going to be a big deal to everyone no matter how it’s presented. People are serious about their compensation, and they expect to be informed of changes with time to make any decisions that need to be made.” ~ Adam Steele, The Magistrate

2. Align Pay Shift with Company Strategy

“Use the strategy to illustrate why you are making changes, so they can connect their pay with what they need to accomplish for the organization. They can then see that what they are doing will pay off for the company and themselves.” ~ Angela Ruth, Due

3. Ask Employees for Input and Listen

“Shifting pay structure can be a tenuous process. There is a natural inclination for management and C-suite talent to internalize this process, however, employees themselves can be a goldmine of ideas. Ask the very same employees how they would suggest the situation be addressed and truly listen to and heed the messages you receive. This will instill high morale and trust moving forward.” ~ Ryan Bradley, Koester & Bradley, LLP

4. Hold Personal Meetings

“Salaries are a very personal thing. When we’ve made adjustments in the past, we first had one-on-one meetings with those affected. It can take longer, but it allows employees to have a conversation and ask questions which they may not be able to ask in a group. Post private sessions, have a group meeting to re-discuss together so it’s not seen as taboo, but open for dialogue.” ~ Nicolas Gremion, Free-eBooks.net

5. Communicate Often

“When it comes to adjusting someone’s pay, it’s tough to avoid waves. I’m a big believer in being honest and upfront as soon as possible. If an employee finds out the news before you have the opportunity to inform them, those waves will be tough. Sit your employee(s) down and explain why you have to adjust, then hear them out. Talking it out usually results in a better understanding.” ~ Abhilash Patel, Abhilash.co

6. Send Out a Company Newsletter

“The simplest way is to create a company email/official update regarding your policy and to direct any questions and concerns to your HR team. This keeps things highly professional and will allow for the most appropriate methods to handle concerns, which ultimately should come from HR.” ~ Nicole Munoz, Start Ranking Now

7. Have a Well-Defined Structure

“I think every employee should have an idea of exactly where they are, salary-wise, throughout their career. I think they should be cognizant of the potential industry changes, which may affect their compensation. Within the company, they should have clearly defined goals—reaching these or failing to reach these will impact whether they get a raise, or exactly how much of an increase they will get.” ~ Bryce Welker, Crush The CPA Exam

8. Create a Healthy Competition from the Get-Go

“As an entrepreneur, I don’t ask my customers for a raise. I expand, create, invent. It should be the same for an employee. Provide more in order to make more. When I find myself saying too many times things such as “thank you” or “great job” to an employee, a raise is needed. If I think or talk too much about one specific employee, that’s a sign that I either need to fire or promote that employee.” ~ Adrian Ghila, Luxe RV, Inc.

9. Time It Right

“Everyone plans and budgets accordingly to what they make after tax. Therefore, make sure you do not make any pay structure changes, especially those that affect the take-home salary negatively, in the middle of a compensation cycle. If you are moving a fixed portion of salary to a performance-driven variable or to stock options, explain the reason and the timing. Give enough clarity to instill confidence.” ~ Shilpi Sharma, Kvantum Inc.

10. Offer Goal-Based Compensation

“Having a portion of compensation based on the completion of highly measurable goals is often a way to motivate key employees to choose the right priorities, and align their efforts with what is most important to the company mission. We also find that it is acceptable, as the employer, to reward partial completion, albeit perhaps with a lesser reward.” ~ Joe Beccalori, Interact Marketing

Business Discussion Photo via Shutterstock

This article, “Top 10 Ways to Change Compensation Structure Without Causing Panic” was first published on Small Business Trends

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Trend: How Your Business Can Profit from Sparkling Water

Tuesday, July 25th, 2017

Sparkling Water Market Demonstrates the Importance of Trend Watching

This summer, the cold beverage of choice may not be soda or iced tea like it has been in the past. Instead, more and more consumers are reaching for sparkling water.

In fact, the Beverage Marketing Corporation has projected sparkling water sales to increase by more than 20 percent in 2017, according to a report from Yahoo Finance.

Led by popular brands like LaCroix, sparkling water has even become somewhat of a trendy accessories, showing up in Instagrams and other social media posts, thus fueling the popularity of these beverages even more.

#lacroixsoverboys but i wish this was a photo of the tangerine flavor because it is ?

A post shared by e l y s e (@elyseboland) on Jul 24, 2017 at 6:08am PDT

more la croix please ???

A post shared by la croix (@joyfrom_lacroix) on Jul 23, 2017 at 10:31am PDT

If you run a restaurant, convenience store or other small beverage distributor, this trend is something you should definitely monitor. Sparkling water has already become a popular choice. And it doesn’t seem likely to slow down anytime soon. So if you don’t already, it could be time to look into stocking these sparkling water brands.

Sparkling Water Market Demonstrates the Importance of Trend Watching

And no matter what type of business you run, it’s important to pay attention to trends like this one. You need to know the products and brands that are trending upward with your customers, and stock your shelves or fill your menu accordingly.

Sparkling Water Photo via Shutterstock

This article, “Trend: How Your Business Can Profit from Sparkling Water” was first published on Small Business Trends

Source

Sparkling Water Expected to Get Even More Popular This Year

Tuesday, July 25th, 2017

Sparkling Water Market Demonstrates the Importance of Trend Watching

This summer, the cold beverage of choice may not be soda or iced tea like it has been in the past. Instead, more and more consumers are reaching for sparkling water.

In fact, the Beverage Marketing Corporation has projected sparkling water sales to increase by more than 20 percent in 2017, according to a report from Yahoo Finance.

Led by popular brands like LaCroix, sparkling water has even become somewhat of a trendy accessories, showing up in Instagrams and other social media posts, thus fueling the popularity of these beverages even more.

#lacroixsoverboys but i wish this was a photo of the tangerine flavor because it is ?

A post shared by e l y s e (@elyseboland) on Jul 24, 2017 at 6:08am PDT

more la croix please ???

A post shared by la croix (@joyfrom_lacroix) on Jul 23, 2017 at 10:31am PDT

If you run a restaurant, convenience store or other small beverage distributor, this trend is something you should definitely monitor. Sparkling water has already become a popular choice. And it doesn’t seem likely to slow down anytime soon. So if you don’t already, it could be time to look into stocking these sparkling water brands.

Sparkling Water Market Demonstrates the Importance of Trend Watching

And no matter what type of business you run, it’s important to pay attention to trends like this one. You need to know the products and brands that are trending upward with your customers, and stock your shelves or fill your menu accordingly.

Sparkling Water Photo via Shutterstock

This article, “Sparkling Water Expected to Get Even More Popular This Year” was first published on Small Business Trends

Source

Has Ryanair become too nice?

Tuesday, July 25th, 2017

THREE years ago, Ryanair, Europe’s biggest budget airline, made the sudden decision to be nicer to its customers. Before that, brusqueness had been part of its strategy. Fares were low, but check-in staff were famously ruthless. One family was charged €600 ($701) to print their forgotten boarding passes (“idiots” according to Michael O’Leary, the airline’s boss, when they complained). Gatekeepers would obsessively check carry-on bags, demanding huge fees for those a smidgen over the limit. That culture started at the top. Mr O’Leary liked to berate his passengers, the second their expectations rose. “You’re not getting a refund so fuck off. We don’t want to hear your sob stories. What part of ‘no refund’ don’t you understand?”, he once told them.

It was a highly successful, perhaps even clever, strategy. The airline went from being an insignificant Irish operator to Europe’s second largest carrier after Lufthansa, regularly reporting juicy profits. Every time Mr O’Leary mooted the idea of installing…Continue reading

Zoho One Launched: New All in One Pricing for Zoho Apps

Tuesday, July 25th, 2017

Zoho One Launch: New All in One Pricing for Zoho Apps

Zoho just announced Zoho One, a new all-in-one suite of applications to help small businesses, essentially, run all aspects of their operations.

Think of Zoho One as a bundle of existing Zoho applications delivered in one central place, with an exciting new pricing model that small businesses will love.

It includes more than 35 integrated software applications and an equal number of mobile apps. Zoho’s applications range from accounting to inventory management, from CRM to help desk, from recruiting to HR management, and much more. The price includes access to the full-featured enterprise versions of each software application, also.

Zoho One features a single login for each employee. Companies get centralized billing and administrative control for their organizations.

Here is the exciting part — the price is just $1 per employee per day in the United States. That equates to $30 per user per month, if billed annually. It works out to $35 per user per month if billed month-to-month.  You must buy a license for every worker who uses Zoho One.

If you were to purchase each application separately, it would cost roughly $2,800, according to Zoho Chief Evangelist, Raju Vegesna.

So why is Zoho offering such a price break?  According to Vegesna, Zoho sees the Zoho One pricing as nothing short of revolutionary. Zoho wants to take scarcity out of the equation, so that smaller organizations can have access to all the software they need.

The Strategy Behind Zoho One

This new all-encompassing system should make the whole spectrum of Zoho offerings more appealing to businesses. For businesses that previously rationed their use of business apps, the pricing structure for Zoho One makes it easy to switch to using all Zoho apps.

In a prepared statement, the company says, “The traditional approach to integration involves large budgets and armies of expensive IT consultants to integrate application silos from multiple vendors, making powerful software the privilege of large companies with deep pockets. Zoho One brings this power to every business, without the complexity and price tag of the past.”

One of the advantages of Zoho products is their seamless integration with each other. That means you don’t have to separately figure out how to make your CRM share data back and forth with your live chat or accounting software. The integration is built in across Zoho products.

Brent Leary, co-founder and analyst partner of CRM Essentials shared his impressions of Zoho One with Small Business Trends. According to Leary, “Zoho One simplifies the buying process, and not just for the great pricing. The more apps you use under the Zoho One umbrella the easier it should be to get customer service when you need it, as you have just one vendor to deal with. Invoicing and servicing are more attractive, too, as it’s much easier to deal with a single vendor. And the apps underneath the Zoho One umbrella should be easier to work across, as opposed to applications from multiple vendors with loose or no integrations at all, making it more productive and efficient to get things done.”

And it’s not only the consolidated pricing and administration that sets Zoho One apart. The company also architected changes to the software under the hood to provide a truly integrated experience.

Zoho currently offers suites of its products. For instance, Zoho CRM Plus is the company’s customer engagement bundle, offering access to nine applications for one price.  Zoho One, however, takes the bundling model to the next level, giving access to all applications.

For businesses interested in testing out Zoho One, the product is available worldwide today. You can sign up for a 30-day free trial on the company’s website. The company also is offering Zoho concierges to help organizations determine the best options for them.

Zoho is headquartered in Pleasanton, California, with locations in four other countries. Zoho today serves 30 million users across hundreds of thousands of organizations.

Image: Zoho

This article, “Zoho One Launched: New All in One Pricing for Zoho Apps” was first published on Small Business Trends

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5 Challenges Facing Cattle Ranchers Right Now

Tuesday, July 25th, 2017

Five Challenges Faced by Cattle Ranchers Right Now

America’s cattle ranchers are watching the new deal for beef exported to China closely.  The first U.S. shipments began arriving there July 16.  Buzz Tatom is a Partner and Ranch Sales Associate at Venture West Ranches in Montana.  Tatom spoke with Small Business Trends about the challenges facing ranchers now considering the latest news.

Challenges Faced by Cattle Ranchers

Succession Planning

Many American cattle ranches have been a one family operation for one hundred years or more.

“Some of these ranchers are somewhat challenged about how to transfer that ownership onto future generations,” Tatom says.  Finding out which children want to take over can be daunting enough. Transferring ownership for this type of asset is a big part of the challenge.

It’s important to keep communications open through the process. Establishing a common business vision is critical so  everyone  starts off on the same foot. Start with self assessments of each member of the family so they understand their strengths and weaknesses.

Rushing the Sale

Tatom says ranchers quite often want to rush the sale and transfer of ownership. Being hasty can cost unnecessary tax dollars. He suggests planning the sale or transfer of a ranch five to ten years in advance heads off tax problems at the pass.

“The ones that haven’t done any planning, they’re going to cost themselves tax dollars,” he says.

The Age of Ranchers

The average age of the current rancher is about sixty years old. Over the next ten to fifteen years, a large percentage ( Tatom estimates around 70 percent) of American cattle ranches are going to change ownership. He says the implications are big.

“If we don’t get ahead of this to some degree, this could be a potentially disruptive force for our food chain.”

The statistics hold up. The latest numbers from the USDA Census of Agriculture point to a steady rise in the age of farmers in general. In 1982, the average age of an American farmer was 50 years. By 2012, that number had risen to 58 years old.

Government Regulations

According to Tatom, a big challenge for American cattle ranchers is the mechanics working the levers of the future’s market. He says that financial tool “is manipulated by people that have no intention of ever taking delivery of he commodities they’re putting contracts down for.”

There are other issues. The Environmental Protection Agency (EPA) and Department of Interior have been singled out for some time for implementing regulations many farmers see as growth killers .

Corporate Ownership

Historically farms and ranches in the United states are independent. Considering the other factors in play, consolidation and corporate ownership become a large possibility. However, it’s one  Tatom wants to see avoided.

“I’m certainly not anti-business,” he says.  “I also believe there’s a real underlying lifestyle with these farmers. They’re real salt of the earth people and I would like to be part of giving them the option of not having to sell.”

According to Farm Policy Facts, this threat hasn’t materialized yet. As of 2015, the USDA’s Economic Research Service (ERS) reports 99% of U.S. farms were still structured as family farms.

Rancher Photo via Shutterstock

This article, “5 Challenges Facing Cattle Ranchers Right Now” was first published on Small Business Trends

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Freeport shares jump after CEO signals progress on Indonesia mine talks

Tuesday, July 25th, 2017

Turkish President Erdogan Calls on all Muslims to ‘Protect’ Jerusalem

Tuesday, July 25th, 2017

Turkish President Recep Tayyip Erdogan has urged Muslims across the world to “visit” and “protect” Jerusalem, slamming what he said was an “unacceptable” infringement on Palestinians’ rights to a holy site, according to the Independent.

The leader’s comments on Tuesday came after days of violence sparked over access to the al-Aqsa mosque in the city’s Noble Sanctuary, known as the Temple Mount in Judaism.

The site is sacred to both Muslims and Jews and as such is a recurrent flash point in the Arab-Israeli conflict.

Israeli Prime Minister Benjamin Netanyahu’s cabinet voted Monday night to dismantle metal detectors set up outside the sacred compound in response to an attack there by an Arab gunman that killed two Israeli police officers on 14 July.

Palestinians alleged Israel was trying to expand its control at the Muslim administered site, the care of which is overseen by neighbouring Jordan. Israel has denied the accusations.

The new security measures and attempts to deny Muslim men under the age of 50 access to the site for prayers led to mass protests in the contested capital.

At least four Palestinians were killed in street clashes and three Israeli settlers were killed in their West Bank home in the ensuing unrest. On Sunday, two Jordanians were killed by an Israeli guard after one attacked him at the Israeli embassy in Amman, sparking a diplomatic incident with Jordan.

Source

McDonald’s UberEATS Partnership Shows Power of Convenience

Tuesday, July 25th, 2017

McDonald's UberEATS Partnership Shows Power of Customer Convenience

Want a Big Mac delivered to your front door? Now you can, thanks to McDonald’s (NYSE:MCD) recent partnership with UberEATS.

For a fee of $4.99, customers can order McDonald’s menu items for delivery, which should normally take between five and 15 minutes. This is a convenient new option for fast food buyers, who are already apt to value convenience. In fact, the fast food giant is focusing its marketing efforts on the convenience factor. There’s a new line of “lazy wear,” including Big Mac onesies and similar items — because now you don’t even have to leave the house to get your Big Mac!

It Pays to Focus on Customer Convenience

Independent restaurants and other small businesses can take a page from McDonald’s book as well. When you have the opportunity to offer convenient new options to consumers, especially if your customers tend to value convenience, it can be a positive step for your business.

And you don’t have to dedicate all of your own resources to offering delivery and other convenient options either. As McDonald’s and UberEATS have demonstrated, you can find other companies with which to partner. These businesses may already provide those services your customers are interested in. It can be a great option for small businesses that don’t have the resources to hire new staff or invest in new equipment to offer those new options in house.

McDonald’s Photo via Shutterstock

This article, “McDonald’s UberEATS Partnership Shows Power of Convenience” was first published on Small Business Trends

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