2024-12-24 14:45:36
Verizon Small Business Digital Ready provides exclusive networking opportunities and digital skills training, from courses to live coaching sessions to personalized learning plans.
Interested? If you have not yet joined the Digital Ready program (it’s free and easy), you can do that here. That’s your first step.
The program also provides $10,000 small business grants at certain times of the year. Though the latest grant period ended on Dec. 13, 2024, stay tuned for news on when a new round will open up in 2025. Even if you don’t secure a grant, joining Digital Ready and taking advantage of the tools and resources the program provides is a smart investment in your future.
These events and courses are for the week of Jan. 5. They are just a sample of the program’s benefits.
Create a Content Plan
The Art of Upselling
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Forecast Your Financial Future
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2024-12-23 15:15:42
In online advertising, understanding the nuances between paid search and paid social can significantly impact your marketing strategy and ROI. Both channels offer unique advantages, but selecting the right one or combination of the two depends on business goal(s) and your target audience.
Before getting into the specifics, you need to ask yourself:
Now that you’ve answered the questions above, let’s break down the core differences between Paid Search and Paid Social.
Paid Search, often referred to as Search Engine Marketing (SEM) or Pay-per-click (PPC), is all about targeting people who are actively searching for your products or services. Whether someone is casually looking for a restaurant nearby in Google Maps, or frantically Googling for a solution that your product offers, Paid Search gets your message front and center for your intended audience, allowing users to click through to your site and (hopefully) complete a conversion.
Paid Social, on the other hand, takes a more proactive approach. Instead of reaching users who are actively searching for a specific product or service, Paid Social casts a wider net and puts ads in front of users who fall within your target demographic as they browse their feeds, post videos, or engage with content. So, while Search Ads target users who’ve completed a search, Social Ads target users who’ve shown interest in brands like yours, have demographic similarities to your customer profiles, or have affinities (as well as aversions) that make them a fit for your products and services.
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The Power of Paid Search: When Intent is King
Here’s why paid search should be a cornerstone of your marketing strategy:
The Enchantment of Paid Social: Brand Storytelling & Building Loyalty
Paid social isn’t just about selling – it’s about building brand loyalists. Here’s what Paid Social brings to the table:
Cost Considerations: Balancing Your Budget for Growth
Both Paid Search and Paid Social operate with a dynamic cost structure, but unlike traditional media buys, you can turn it off without having to spend your full budget allocation. For Paid Search, you’ll typically encounter a Pay Per Click (PPC) model where you’re charged for each click on your ad. The more the competition for your chosen keywords, the higher the cost. But fear not! Paid Search also allows you to bid towards Maximizing Clicks, Maximizing Conversions, CPA goals, and ROAS goals.
Paid Social also has variable costs based on factors like ad placement, targeting options, and the format (image, video, carousel). And just like Paid Search, you can bid toward your campaign goal: Impressions (Awareness), Clicks, Conversions, CPA, and ROAS.
The Ideal Strategy: A Balance of Balance
There’s no “right” combination of Paid Search and Paid Social. Instead, it’s about finding the right balance between the two. Below is an often-used example of how brands use Paid Search and Paid Social, but at the end of the day, it’s up to the success your brand sees through your efforts.
Sample Strategy:
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In the dynamic landscape of online advertising, the choice between Paid Search and Paid Social is not a mutually exclusive one. The most effective marketing strategies often leverage the strengths of both channels to achieve optimal results. By understanding the nuances of each platform and aligning your goals with your target audience, you can strategically allocate your resources and maximize your ROI. Whether you’re seeking Brand Awareness, immediate site traffic, or conversions and revenue, the collaboration between Paid Search and Paid Social offers a powerful path to success for your small business.
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2024-12-23 08:36:25
Are you wondering how an expense analysis can help your startup? If so, you’re in the right place!
For business leaders and startups across all industries, wise money management isn’t just optional; it’s absolutely necessary for their success and long-term growth. Despite this, many new businesses fail for this very reason.
Today, I’ll show you what an expense analysis is and how it can help startup founders just like you take your business to the next level. I’ll also share some actionable advice that you can implement today if you want to take back control of costs.
Let’s dive in!
First things first, an expense analysis is when you study how much your business spends. The process typically involves breaking down everything that you need to pay, including rent, salaries, supplies, and marketing.
When you analyze expenses, you can better understand how your money is being spent and what kind of impact it’s having on your business. With these insights, you can find opportunities to cut costs and improve your brand in meaningful ways.
A detailed analysis will help you find out what’s helping your business and what’s costing more than it’s worth.
Now that you have a definition in mind let’s take a look at some of the most common types of expenses so you can start thinking about how these factors may reflect when you look at your expenses:
Aside from these broad categories, there are also cost factors that you should consider. Here are a few worth keeping in mind:
The main difference between an expense analysis and a financial analysis boils down to where it’s focused. Financial reporting takes into account sales, profits, and investment with the ultimate goal of determining an overall return on investment.
An expense analysis, on the other hand, is only focused on money being spent. A startup founder can take their expense analysis and use it when it’s time to conduct a financial report. I like to think of it this way: the focus is right there in the name. An expense report focuses on the expenses, not profits.
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Next, let’s go over a few key benefits that come with creating regular expense analysis reports:
Let’s look at a step-by-step guide, so you see a practical example of how to conduct an expense analysis for your startup.
The very first thing you need to do is get all of your financial data together. You’ll need receipts, credit card bills, bank statements, invoices, and anything else showing you paying a business expense. It’s very important to make sure you have everything before you start so you don’t overlook any opportunities or unnecessary costs.
The next step is to organize all of your expenses into their own categories. I suggest using the common types of expenses I showed you above: rent, marketing, software, salaries, and travel as baselines. Depending on your industry, you may need to add more or break some of these into sub-categories. Following this step will help you see where your money is going, which makes it easier to spot patterns.
Once you have everything grouped together, look at where most of your money is going and how things have changed over time. For example, if your software costs have tripled over the last year, it’s a good idea to look through what you’re using to make sure there are no duplicate or otherwise unnecessary tools.
I’ve found it helpful to compare my expenses to those of other businesses in my industry. This will help you figure out where you’re spending more and where you’re spending less. Benchmarking can also guide you when you’re trying to decide what adjustments to make.
Now, it’s time to figure out where you should increase costs and what can be reduced. For instance, if you’re happy with your CRM and paying monthly, consider upgrading to an annual plan so you can drastically reduce costs while getting the same service. There are a ton of different elements to consider for your startup. You’ll want to keep your industry, product selection, and target audience in mind when deciding where to adjust.
Now, put your plan into action and start making changes. You’ll want to carefully monitor your results in the upcoming months and quarters so you can determine if the results are aligned with your expectations. If things don’t go according to plan the first time, you can step in and fine-tune your strategy until you get your desired results.
Find free courses, mentorship, networking and grants created just for small businesses.
An expense analysis is a powerful way for startups to control costs and improve profits, which is crucial at this stage. So, take the time to understand where your money is going so you can make informed decisions for your company.
If you haven’t done this yet, now is the perfect time to start. By taking action today, you can boost your cash flow and set yourself up for success for years to come!
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2024-12-20 15:36:28
The digital disruption has fundamentally changed the way customers interact with companies and organizations. Today, people conduct their everyday work online, bank online, shop online, as well as access health and education services. As a result, digital identity management has become a major element of online living.
Data security is more critical than ever, and consumers expect enterprises to invest in the protection of their personal information. Not only this, but efficient management of the numerous online identities that organizations contend with can result in several benefits for businesses. It can improve ROIs, increase efficiencies, and differentiate your company from competitors.
Consumer behavior has evolved to favor digital interactions, and as a result, the amount of data that organizations hold continues to grow. Brands can reap the benefits of this by pursuing data analytics to better understand their customers. However, to win and retain them, they must pay attention to privacy obligations and keep the prevention of cybercrime at the forefront of business objectives.
Read on to learn more about digital identity management, what it is, and why your brand can benefit from it.
Digital identity management, also known as identity and access management (IAM), is a set of technologies and processes that allow for the secure sharing of user information and personal data online with companies and organizations.
It ensures that user information is only collected by those with the required permissions and allows enterprises to verify user/device identities and secure them. Digital identity management might therefore involve approving user credentials via usernames and passwords or granting access to online materials based on IP address, device authentication, visitor tracking, etc.
With the increasing use of mobile and digital devices, digital identity management has become a crucial issue for every organization operating online. Comprehensive systems are necessary to avoid theft of information and ensure that digital interactions are seamless and secure.
Whether your business operates via internal systems, on the cloud, or with a hybrid form, specialized identity-as-a-Service (IDaaS) need to be implemented to ensure the protection of your customers/users, employee data, and company information.
Indeed, with the upward trend in remote working, credential theft and phishing have become unavoidable issues to mitigate against.
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Digital identity management works according to these six essential building blocks.
The first step of secure digital identity management is setting up access granting and user sign-up/ registration provisions. A user is created on the system and, with that, so is their digital identity. From here, administrators can grant certain accesses and privileges depending on that user’s identity or role within an organization.
Authentication is the next step; it involves the verification of a user’s identity in order to access certain online pages or materials. This can be as simple as requiring the entry of user credentials like usernames and passwords or be more complex and involve more robust identification methods.
These can include multi-factor authentication or two-factor authentication like SMS-sent confirmations, one-time passwords (OTP), and QR/ PIN codes; or even advanced biometric authentications like fingerprint scanning, vein pattern recognition, gait analysis, and behavior biometrics like the tracking of clicks and mouse movements.
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When authenticated, a user is authorized for access to certain privileges. Systems can routinely check if users have access to protected data and put rules in place for access. For example, a robust access management system will check the role of an individual within an organization before allowing rights to materials reserved for specific employees.
Administration or lifecycle tracking refers to the constant reviewing and checking of accesses. This can include updating a user’s access to information, revoking access, or even deactivating digital identities that are no longer in use.
Federation refers to the technique of allowing authorized users access to multiple systems and domains using a single set of credentials, i.e., the same login information. This is especially useful for organizations with both an on-premises and cloud-based system.
Finally, enterprises should continually monitor their digital identity management systems to maintain security, prevent breaches, and ensure systems always comply with the required governing standards.
A digital identity management strategy is essential to secure customer data, protect your employees, and keep outside contractor/supplier information safe.
Identifying customers and employees means you can take steps to protect their data and avoid digital identities from being stolen. Your organization is responsible for the information it stores. Thus, you’re protecting yourself in the process.
The best way to keep customer information secure is to know who is accessing it. Consider updating your enterprise security when upgrading from traditional identity systems to cloud-based versions. Right from the start, think about how security can be built into your programs.
When you operate online, you’re operating internationally. You’ll need a digital identity management strategy that understands and acts consistently when abiding by different laws and regulations concerning data privacy.
Depending on your organization type, you’ll likely reap significant benefits (both operational and financial) by implementing proper digital identity management for customers, clients, and employees. You’ll find below three reasons why you should develop a digital identity management strategy.
For brand growth, it’s especially important for companies to provide a superior user experience for customers. Digital identity management ensures that user experiences are smooth, that it’s easy for users to register, and it streamlines the payment and purchasing process.
A positive digital experience can turn first-time purchasers into long-term customers. However, they need to feel secure pursuing transactions with your company and trust that their personal data is being handled securely.
Digital identity management also allows you to collect more accurate information on users and leverage this to create a better picture of your customers. From here, you can tailor your marketing to your target audience and personalize the sales process.
Data protection is paramount to improving your brand credentials and reputation. If potential customers are aware of your commitment to data privacy they’ll be more inclined to trust your brand and therefore make purchases from your online platforms.
Data leaks, breaches, and hacks can have a detrimental effect on your company’s standing. Consumers remember when their privacy has been compromised and are reluctant to repeat business with organizations that have been lackluster in their privacy protection efforts.
According to PwC, 71% of consumers won’t purchase from a company they don’t trust. Strong digital identity management helps your company achieve high privacy standards and thus establishes your brand as reputable and trustworthy.
You can also use the data gathered via digital identities to improve customer journeys and user experiences and therefore improve loyalty and sales over time.
Digital identity management cuts costs by streamlining processes through a centralized automation and governance process. You reduce manual and paper-based processes and simplify storage, access, and security.
You’re improving both your remote working experiences and online shopping options with validating and registration systems that can provide customized access to files or tailor customer promotions based on their personal information. All this improves the way your enterprise functions.
Alongside the customer experience, digital identity management enhances the employee experience with easier onboarding, electronic documentation, and tailored access to resources depending on employee roles, permissions, and clearance levels.
Identity management systems connect every part of your organization digitally. It allows for easy access from anywhere, users just need their IDs and passwords, and to follow any required security or authentication steps.
It also does this in the most secure way, protecting your data and that of your clients. Controlling access and incorporating encryption methods for every individual user means companies can keep track of data and constantly monitor access thereby reducing cybersecurity threats.
Putting digital identity management systems in place strengthens the overall compliance of your company when it comes to privacy and data safety. You’re safeguarding your employee and client data and also meeting the requirements of data protection laws, GDPR, PCI DSS, and HIPAA standards.
You should also endeavor to use GDPR-compliant web analytics services like Google Analytics and Google Analytics competitors to further protect data shared on the web.
Identity authorities and systems that manage digital identities are an essential part of growing your brand. They ensure that your organization can scale digitally and via the cloud without risking data breaches and other security issues.
They also show your company’s commitment to protecting the data it collects. This boosts your credibility with clients and ensures your business maintains control. You can keep track of reporting, see in real-time which users have access, and thus improve your compliance with governance and auditing at the same time as fostering trust with potential customers.
Digital identity management ensures you’re collecting user data in a responsible way and that you can still leverage customer information to the advantage of your business.
You’ll improve your brand credibility by demonstrating that you can be trusted with user information and build long-term relationships and loyalty by using data to perform analytics and target audiences with tailored marketing and personalization.
Alongside improving the customer experience, you’re setting your organization up for growth internally. Digital identity management creates a framework of security that can expand as you scale your business. It allows you to maintain compliance with international regulations at the same time as improving efficiencies for your employees with easy but robustly protected remote sign-in processes.
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2024-12-20 14:51:48
Whether you’re launching your business in 2025, or hoping to grow yours, you may be feeling a combination of excitement and trepidation.
“Be financially prepared for the unknowns,” advises SCORE Mentor David Blankenhorn, a former bank president. “With the new administration there is a possibility of many changes including tariffs, tax laws, etc. Have your financing in place.”
Some degree of uncertainty is always part of running a small business, and the smart approach is always to focus on what you can control while creating a backup plan if things don’t go as expected.
Here are 7 steps you can take now to help set your business up for a financially successful year.
The end of the year can be hectic, but try to find time for a year-end business review, then get to work on your goals for the coming year.
“Set goals for your business so you know what success looks like,” advises SCORE Mentor Tony Gansen. “Everyone has a different idea of success, so it is important to know what you think success is.”
He encourages business owners to develop a business plan with specific, measurable goals. “Forecast your business and establish key metrics for your business so you can track how your business is doing based on those metrics,” he recommends. “Make adjustments to your plan and your business based on the data you collect. Keep this information current (by) reviewing it at least monthly.”
“Put together a business plan which should include a profit and loss statement as well as cash flow for the 3-5 year period beginning 2025, advises Mark Cutler, SCORE Regional Vice President Northeast Region (New York and New England States). “The business plan can be as simple as a one pager such as a Business Model Canvas, but the P&L and cash flow (statement) needs to be detailed in order to study potential business opportunities or risks.”
It’s hard to think of something that fills a business owner with more dread than tax time, especially if your records are disorganized or out of date.
“One area many small business owners often don’t focus on is keeping up to date and detailed bookkeeping records of their business,” warns Will Meikle, SCORE Certified Business Mentor and Northeast Regional Director.
He goes on to explain that keeping good records “is important for several reasons:
If your business operates on a calendar year (most sole proprietorships and other small businesses do), now is the perfect time to make sure you’ve set your bookkeeping system up correctly for 2025 and have a plan for keeping your financial records up to date, whether you decide to go the DIY route or outsource to a bookkeeper or accountant.
If you’ve been relying on a personal credit card for business expenses, get a small business credit card and use it exclusively for business purchases. This will allow you to clearly separate your business and personal purchases, and it should make it easier to deduct interest and fees.
Most small business credit cards are available as soon as you start your business. Issuers typically check personal credit scores and will accept household income, rather than just income from the business.
And if you need startup capital, a 0% intro APR credit card may offer up to 18 months of interest-free purchases, provided you pay the balance on time and in full before the intro offer expires.
Finally, the perks you get with credit cards make them especially valuable. Many business owners have found creative ways to make the most of credit card spending and earn significant cash back or travel rewards.
Good business and personal credit may help your business in several ways, including better financing options, lower insurance premiums, longer payment terms with suppliers, and even important business opportunities with companies that may vet your business using a business credit report or business credit scores.
It takes time to build good credit, though, so start before you need it. To establish business credit, you’ll need accounts (often called “tradelines”) with companies that report payment history to business credit bureaus. Net-30 tradelines that report can be a great way to start building business credit.
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“Watch the trends and try to have money saved up for a rainy day,” suggests SCORE mentor Tony Gansen. “It is important to build up some savings to deal with unexpected events (such as) changes in the economy, a storm or maybe sickness.”
Meikle agrees. “In addition to having the necessary startup capital needed to launch your business, I think it is always a good practice to have 3-6 months of money in the bank to cover your operating expenses,” he says. “This will allow you to weather the ups and downs in the economy, as well as seasonal patterns you may see in your industry.”
If you’re just starting out, banking that much money will probably not be an option. You can budget for personal savings, start your business on the side while you keep a job for income, or even get a business line of credit as a backstop until you can get there.
For 160 years, Fifth Third Bank has worked hard to provide better banking solutions to our customers. We are committed to providing a world-class customer experience, and our vision is to be the one bank people most value and trust.
Whether it’s software for an e-commerce store, or a pressure washer for a window cleaning business, the right tools make all the difference when it comes to making your customers happy.
The same thing applies to running your business. The right tools make it easier and faster as you work on your business, not just in your business. These include:
Money is often tight, especially for new business owners, so think about what your time is worth and look at how tools can save you time, and ultimately money.
Consider outsourcing to agencies or freelancers, suggests Meikle. “(You) do not need to hire someone directly in the early days,” he notes. “Examples are bookkeeping, social media marketing, (or) tax preparation.”
You can also get free business mentoring through SBA Resource Partners like SCORE, a nonprofit organization that offers free business mentorship to small business owners.
“Find a mentor that can help you so that you don’t have to learn everything the hard way,” says Gansen.
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2024-12-18 14:53:23
I am one of those lucky people who get to do what they love every day. I coach leaders around the United States to be better communicators, business owners, and employers, delivering custom goal plans to them so they can reach their next level of effectiveness (while finding more joy in their work!)
An entrepreneur considering investing in coaching recently asked: “How important is 1:1 coaching for a business owner’s personal and professional growth?” and “Can you share an example of a goal assigned after a coaching session?”
I’d like to share my answers with you today.
How important is individual attention for a person to learn and grow? Of course, this is sort of like asking a baker if bread is worth baking. I’m going to say coaching is pretty important, both when we’re kids and when we’re adults.
Here’s why: none of us can see ourselves as others do. We often look right past our beautiful, natural gifts (and yes, every one of us has these gifts, potentially turning into weaknesses if overused). We also might gloss over some weaker points we’d benefit from addressing sooner rather than later if we don’t have a trustworthy guide to help us through the process.
We see out into the world, but can’t observe our own energy and behaviors as easily as others can see us, and this affects the success of our businesses.
The good news is that we can choose to open ourselves up to others sharing their observations of us. Sometimes that’s in a more formal coaching relationship, and other times it’s family, friends, or co-workers who shine a light on how our behaviors and communication impact them.
One-on-one coaching (executive coaching) is tricky territory. Some folks who want to share advice with us don’t have our best interests at heart. They may care more about themselves and what they get from the interaction than what we receive from the communication. Some people would have us believe they’re able to guide us fairly and capably, but they’re not qualified to do so, or might be blind to their own limitations.
So, buyer beware! Don’t be too quick to believe praise OR criticism unless you’ve thought through the coach’s skill and motivations.
Choosing someone to trust involves risk. So consider whether you believe the coach you choose is:
At Gladieux Consulting, which I founded 20 years ago, we work with many adults who didn’t have a role model in their youth, and many luckier folks who did. Regardless of upbringing, it’s possible to nurture one’s own learning at any age. It’s also possible to find mentors if one is willing to do a few worthwhile things, such as:
You asked for a sample goal. Here are a few goals I’ve included in the goal plans I write for leaders with diverse personalities and expertise. These leaders range across fields, from mechanical engineering to nursing home administration.
Some clients receive recipes to try for more resonant praise, more skillful delegation, or steps to approach a conflict constructively.
We all have different growth needs. The great news is that it’s never too late to make positive change or to inspire someone who reports to you to do so.
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