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5 Small Business Mishaps to Watch Out For

If you talk with any business owner, chances are you will hear stories of failures and challenges they faced to get to where they are today. That is because when you open up a business, it won’t always be easy. There will be mishaps along your journey, and how you get through them will determine if you succeed, or end up closing doors.

Some mistakes are inevitable that you must go through. Others, though, are avoidable. If you can watch for them, you can then prepare yourself or even dodge them altogether. So, here are five small business mishaps to watch out for.

Partner Issues

Many small businesses will start off with a partner. The initial cost and workforce of running a business can be too much for one person. So, by bringing on a partner, you can get the doors open without spending all your money and energy.

The problem, though, is that not everyone works together as a business partner. Just because you’re friends, that doesn’t mean you will be excellent together making business decisions.

Getting Too Comfortable

There will come a time when your business would benefit from you taking a few risks. Whether it be from bringing in a new product, changing your hours, or bringing in investors, having faith in your business and taking a risk is sometimes needed.

Being Consumed By Your Business

It is easy for the business owner to get completely consumed by their company. They are the heart of the business and the reason why it is up and running. But if you let yourself get overwhelmed, you’ll soon lose the joy you initially had and miss out on your personal life.

Ask for help when needed. From friends and family to companies like GR-US.com, asking for help is not a sign of weakness in business.

Not Having Enough Control

Finding the balance between giving control to employees you trust and having total authority over everything is hard. You want to show employees that you have faith in them to make decisions and do their job, but you also don’t want to give up all control completely. Certain aspects of your business are fine to leave with a trusted employee. However, other areas like finances should be left solely to you.

Underpricing

A new small business, you want to find ways to draw in customers and clients. One way is by being competitive with your pricing. The problem though is it will be hard to make valuable money from the start, and when the time comes that you can raise your prices, you may actually upset your clientele.

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5 Tips to Help You Manage Your Small Business

Starting off your small business is an exciting time. You watch your idea grow and turn into a successfully run company that can support your whole family. With that excitement, though, there will come some hardships and challenges.

It takes time and dedication to get your new business up and running. Chances are, this is something new for you in which you will need to maneuver your way through everything thrown at you. When you make it out on the other side though, you’ll be glad you took on the challenge.

Not everything has to be difficult. With a little bit of research and help, you can get to running your business as quickly and smoothly as possible. Global Resources LLC Reviews has a few tips to help you manage your small business.

Set Up an Official Business Entity

It may not seem like something you need to worry about at the start, but as the owner of your business, you should set it up as a separate entity right from the start.

Most likely your business won’t come into too much, or any legal trouble. However, if something was to occur that could put you in hot water, having the protection from day one should ease your mind through a stressful situation.

Separate Personal and Business Finances

Again, at the start of your business, it may not seem like an issue to run your business expenses through your personal account. Opening a business bank account can be a little pricey. But to save you from a lot of confusion and frustration come tax time, keeping business and personal expenses separated is highly recommended.

Invest In Yourself

You are the reason why the business started in the first place. Without you, the idea would have stayed as an idea. So, with that in mind, invest in yourself. If there are educational courses available which will improve the needed skills to run your company, take them. It’s better to spend the money now to gain the knowledge, rather than spend more time and money going through trial and error.

Don’t Multi-Task

We should know by now that multi-tasking just isn’t a thing. We cannot focus on multiple tasks at one time and proficiently complete them. You may think you can sift through emails while on a conference call. However, you likely only gather pieces of information from both of them. Instead, focus on the task at hand first before moving on to the next one.

Take Time for Home Life

At the end of the day, try and leave work at work. As a business owner, you’ll be busy for the majority of the day. You will, though, need to take some time for yourself and your family to decompress and recharge.

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4 Things a Small Business Owner Should Do to Ensure Success

When you start up a business, you do so with the intent that it will succeed. For some, once you open up the doors for the first time, the company thrives. While for others, it will require extra hard work and dedication to get their business successfully up and running.

Whether you are just starting out or needing to improve our business, here are four things a small business owner should do to ensure the company’s success.

Excel in Customer Service

Customer service is critical for any business. Clients and customers are more likely to come back if you treat them well. Poor customer service and you can expect that they won’t be back anytime soon.

In fact, customer service is so important that a study found 9 in 10 customers would go to your competitor if you provide poor customer service. So, the key to success – be the best in customer service.

Have an Online Presence

You don’t have to understand it all the time, but your company should have an online presence. Having a website can help bring in more traffic and sales. Many consumers like to research a company online before committing to them.

An online presence also means social media. Creating a Facebook page or Instagram account allows you to share information about the company and to give customers a behind-the-scenes look that can be enticing.

Be Personable and Authentic

Many consumers prefer small businesses because of the connection and relationships they can easily develop with the staff and business owner. When you make your company more personable, it creates a welcoming atmosphere that can help draw in more clientele.

Authenticity is also crucial to the success of a business. When you develop your brand, stick to it. Stay true to what you believe in your business to be, and how you want your customers to feel. Authenticity goes a long way in the business world.

Have Goals and a Plan

Developing somewhat of a structured plan (there should be a bit of flexibility) will help your business out. When you have a plan, it allows you to clearly lay out your ideas and expectations of how you want your business to run. If you have employees, this plan will help to keep them focused as well.

Your plan should also include goals, both short-term and long-term. Setting goals is an excellent way to keep you motivated and pursuing your business plan. When you meet a goal, reward yourself and the company for a job well done.

For more information on how to succeed in a small business, check out Global Resources Reviews.

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5 Reasons Why Your Customers May Be Unhappy

One of the most critical aspects of a business is having excellent customer service. With poor customer service, you’ll probably see your clientele making their way to your competition’s store because they will likely feel more welcomed there.

Unhappy customers can take your excellent business and drive it to the ground with bad reviews. It’s important to take note of what could be making your clients unhappy. Once you know what their reasons are, you can then start to make the changes to keep your customers happy.

Global Resources LLC has five reasons why your customers may be unhappy with your business.

Unresolved Issues

One way to ensure you have an unhappy customer walk out the door is by not resolving any issues they have. When a customer comes to your business, they want you to take care of them. If you cannot, they will go somewhere else that can.

How do you fix this? By making sure you have the equipment required, and that all your staff has adequate training to know what to do. When one worker says one thing, and someone else says something different, it will be confusing for the customers.

Long Wait Times

If your business has a customer service line, requires appointments, or simply having to wait to go to the register long wait times can quickly become frustrating for customers. We live in a world that is always on the go. If your business cannot keep up with the fast pace of life, you may end up left behind.

Lateness

Whether it be for a meeting, sending an email, delivering a package, or billing clients, when they have to wait longer than what you initially intended (especially without any warning or reason), there’s a good chance they will not be a returning customer.

Be prompt and on time as much as you can. If there is a delay for any reason, make sure you let the customer know.

Poor Genuine Service

Even if everything is going wrong that day, all of your electronics aren’t working, and you’re behind in sending out invoices or ringing people through the till, being genuine and polite can rectify many situations. Excellent customer service should include personable interactions that are respectful and sincere.

Revenue Focused Over Customer Focus

Clientele will notice when a business’s primary focus is on the bottom end rather than drawing in and keeping customers. They can tell by the way they are treated. When companies become disconnected from their customers, they lose sight as to what they are looking for, and how they can shape their business to suit them better.

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5 Businesses That Can Exploit the Changing Retail Mall Market

Malls are undergoing a significant and rapid change. As the way consumers shop changes, malls are losing the big department stores that were their traditional long-term tenants. While that news isn’t great for mall owners, it can be good news for small business owners.

Vacant retail space in malls is detrimental to communities, which lost jobs for residents, as well as income from retail sales tax. Mall owners as well as city leaders, of course, want to fill these empty spaces.

Here are 5 things Global Resources LLC experts predict will fill vacant mall space, and ways both retail and non-retail businesses can take advantage of them.

Rental or Resale Shop

According to research, alternatives to traditional retail (rental and resale) will take billions of dollars in spending from traditional retail channels by 2023. While rental and resale businesses may not make enough money to support rents in large shopping centers, open spaces in strip malls could mean greater opportunity.

Pop-up Shops

Pop-up stores in malls and shopping centers will become increasingly popular as a method of satisfying consumers’ desire for new experiences. If you own an eCommerce business, you could use a pop-up shop to link up with local customers in person, build excitement about a new product line or limited-term product release, or satisfy the demand for your product/service during the holidays.

Events

Limited-time events are another way malls will use empty space. Both retail and non-retail businesses can exploit this trend. For example, an apparel retailer could host a back-to-school fashion show for youngsters. There are ways for you to find out what events are planned at your local mall and how your business could be a part of them.

Service Businesses

Consumer spending on products (as opposed to services) dropped significantly between 2000 and 2017. This will most likely continue later than 2020 since consumers will spend billions of dollars more on discretionary services. Generally speaking, more malls will fill vacancies with service providers so shoppers can handle more of their needs with one trip. Malls with mixed-use retail and residential space offer a great deal of potential for service businesses. Those residents need services such as hair and nail salons, pet grooming services, and more.

Office Space

Certain empty spaces in shopping centers will be converted to offices or co-working spaces. This could be an opportunity for you to buy desirable commercial office space. The convenience of working in a mall location could even help you attract and keep employees.

Check out Global Resources Reviews to learn more.

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5 Useful Apps For Your Small Business

Since 2008, when the Apple store opened with 500 apps, the shop has grown to serve customers in more than 155 countries. For the last ten years, the online store has been helping small businesses to find the best resources for their Apple products.

Global Resources LLC consultants have put together a list of the Apple App store’s most useful and reliable products for small businesses.

iTunes

Sure, there were bound to be some well-known names on this list and it should be no surprise to anyone that iTunes is at the top. There is no doubt how this popular entertainment app is great for small business. iTunes is great because it can help you to stay on task with the latest business podcasts, amongst many other features.

GUSTO

Gusto is great because it handles a lot of accounting functions for small businesses. In addition to online employee onboarding, Gusto naturally reports new contracts to the administration; handles all local, state and government tax filings; computerizes derivations for benefits and laborers’ comp installments, and emails advanced pay stubs to workers.

Evernote Business

Being able to keep your contacts organized and in the one place is generally one of the bigger obstacles when small businesses start to digitize. Evernote Business comes to the rescue and even allows you to share notes so your office is always mobile.

Slack 

Slack is indispensable for effective communication these days. The app allows employees to check on messages while traveling, working remotely, or just out of office for a minute. It keeps you up-to-date with what’s going in the office for as little or as much as needed.

As you may or may not know, communication devices have always been one of the cornerstones of business apps. Slack is available on nearly every device and it certainly made its mark right away. All your business information is consolidated into the same place and all the subordinate apps you need are integrated under the Slack umbrella.

QuickBooks

Believe it or not, you can run all of your accounting functions right from the cloud with this app. Payments and billing are all wrapped up into one easy-to-use and seamless package. Pick this one and you’re in great company. They have over four million customers across the globe.

Check out Global Resources Reviews to learn more.

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6 Ways Your Small Business Can Use Voice Technology

In today’s day and age, voice technology is a great way to streamline processes and enhance customer service. However, according to research, while nearly 50% of senior employees use voice-activated technology for personal reasons, just 30% actually use the technology at work. Furthermore, only 50% are getting ready to embed these tools into their business operations.

Global Resources LLC experts recommend the following 10 ways your business can use voice tech.

To Streamline the Customer Experience 

The main thing here is providing the customer with the opportunity to use their natural language to get what they want.

The right technology avoids the typing, clicking and swiping through other types of customer service platforms. Voice technology is faster than other types and an enhanced client experience results in greater sales and increased revenue.

To Cut Down on Data Input Time

Voice technologies simplify the process for busy salespeople. When they can find the forecasts, top sales figures, and other data by using their voices, salespeople can spend more time in the field cultivating contacts and earning money. The technology brings all the important CRM info under one umbrella and makes it quickly accessible.

To Manage the Office Remotely

Google Home and other technologies similar to it can help small business owners keep an eye on things while they’re away. Security cameras, alarm systems, and even smart locks can be voice controlled right from your smartphone.

To Increase Forecast Accuracy 

Small businesses definitely see an advantage to using voice technology. Once everyone (such as the sales teams and inside staff) is on board, data gets entered quicker and more accurately.

Ultimately, when there are more data and more accurate data in the system, management can complete more accurate financial forecasting.

To Generate Reminders

A successful small business owner wears many hats on a day-to-day basis.  Knowing what meeting you’ll need to be at next and which emails should be flagged for immediate contact can be difficult to manage. The right voice technology (try Alexa) can help you to categorize everything and bring it up quickly at your convenience.

Check out Global Resources Reviews to learn more.

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Amazing Techniques to Increasing Your Revenue With Apps

You may or may not be surprised to learn that there are nearly 3,000 apps making at least $1 million in annual revenue. This number represents a significant growth from past years, telling us that apps are becoming an increasingly legitimate source of revenue for businesses.

If you’re looking to exploit of this emerging tactic, there is a myriad of ways you can go about it. Global Resources LLC consultants recommend considering the following techniques to make more money with apps.

Release Paid Apps

The most palpable way that you can make money through an app is to simply sell it directly to customers. While certain apps in both the Google Play and the iTunes App Stores are free to download, others cost anywhere from $0.99 and up to download. Logic tells us that this is a tactic that can work for any type of business. Having said that, your app (of course), has to offer some kind of tangible value that customers would be willing to pay for. Something like a game or dating service, for example, could possibly work. Conversely, an app that offers products from your store that customers could also buy online might not be worth it.

Offer Premium Upgrades

Consider making your app free to download in its most basic form, but then offer another option as well. You could offer certain special features to the app users if they upgrade to a paid premium version of the app.

This is a strategy that could be relevant for streaming services, business tools, or anything where you could separate the functionality into different levels.

Offer In-App Purchases

In-app purchases are similar to the premium upgrade model and allow users to buy access to higher levels (on a game), unlock special features or functionality.

This is something that’s particularly popular in gaming apps. Having said that, you could also offer it in entertainment or photo editing apps.

Monetize Through Advertisements

If you don’t want your customers to have to pay anything to use your app, one realistic option is to make money through advertisements.

You let people put up ads on your app and get paid on the basis of impressions or clicks.

This works similarly to advertisements on websites. Thus, it could work for basically any type of app. However, advertisements tend to be particularly popular for the apps that are completely free for people to use, like news or media apps.

Check out Global Resources Reviews to learn more.

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5 Essential Components of a Retail Referral Program

Regardless of whether or not you own a retail store or an e-commerce website, obtaining referrals from your existing customers is one of the strongest marketing weapons in your arsenal. Take time to consider whether or not you’re doing everything you can to harness the power of retail referrals. Global Resources LLC consultants recommend the following five steps to help you get started.

Step 1: Be Referral-Worthy

As expected, you can’t expect to get referrals unless you start by delivering amazing products and customer service. Sure, you may sell the same products as your competitor(s), but remarkable customer service can make the difference in where shoppers decide to buy.

Consider the last time a retailer went out of their way to help you during the purchasing process. What did they do that made you remember and share the experience? That’s the type of customer service experience you want to deliver.

Step 2: Find Your Best Customers

Ultimately, the customers who are most loyal to your retail store or e-commerce website are your best bets for garnering referrals. You should use your customer loyalty program, purchase records, or other customer data to identify these people so you can reach out to them. Of course, you may already know who some of your top-notch customers are from just seeing them in the store time and time again.

Step 3: Decide On Your Retail Referral Incentives

You’ll want to take time and think about what types of referral incentives you’re going to offer. Ultimately, what you sell and who your target customer base is will help determine the referral incentives that are most impactful.

Step 4: Train Your Employees In Your Referral Program

If your employees don’t understand how your referral program works, customers will become frustrated. This is the exact opposite of the result you want. Make sure your sales clerks know the ins and outs of your program so they can seamlessly process transactions involving referral rewards. Your employees should also be encouraged to promote the referral program to customers they interact with.

Step 5: Market Your Retail Referral Program

Get started by sending a referral incentive offer to those best customers that you’ve identified. You can do this via email or even direct mail if that’s what your customers prefer. Consider including a promotional code that customers can share with their friends so you can track whether or not the referrals are effective. You can also promote your referral program with signage in your store or banners on your website.

Check out Global Resources Reviews to learn more.

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10 Things Business Owners Must Know About Association Health Plans

Association health plans for small business are expanding as a result of a new Federal rule. Ultimately, the biggest beneficiaries will be self-employed owners with no employees, as well as significantly small businesses with as few as one employee. These small business owners will be able to shop for and join association health plans. This is an expansion over existing state laws that generally limit association plans to employers that have a minimum of at least 50 employees.

The new rule also gives authority for association plans to cross state lines. Furthermore, the new association health plans will have expanded consumer protections, including pre-existing conditions coverage.

This, of course, is all due to a new Department of Labor rule issued on June 19, 2018. The effective date starts September 1st. According to the Department of Labor, 4 million Americans could become insured under Association health plans.

So, what exactly are Association Health Plans?

Plain and simply, association health plans allow small businesses to band together with other businesses for health insurance plans. Local business groups and even nationwide industry groups will be able to offer association health plans that meet certain rules.

If you’re a small business owner, Global Resources LLC consultants recommend understanding the following ten points about association health plans.

  • While association health plans do, in fact, exist today, the new rule expands upon them.
  • Association health plans under the new rule will have expanded consumer protections.
  • Families and employees are also eligible for coverage.
  • Premiums and coverage terms are up to each plan.
  • Insurers are not required to offer Association plans.
  • Association health plans for small business are largely outside of the ACA and not subject to Obamacare rules.
  • The new rule does not change or affect any existing association health plans.
  • The new Association health plans must meet certain legal requirements.
  • The new rule goes into effect September 1, 2018.
  • More information is available online. The full Department of Labor rule can be found here. The FAQs are easier to read and can be found here.

Check out Global Resources Reviews to learn more.