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Check out these resources created to support you in your advertising: - Small Business Hub for tools on how to build your business on Meta - Ads Guide for design specifications for every ad format - Meta Page verification to verify your business on Meta - Instagram verification to verify your business on Instagram - Account Issues to appeal a disabled ad account or Business Manager account - Developer support for general support for all developers Learn more about our program  Creating and growing your company can be stressful and confusing. The right steps and when to take them aren't always obvious, and learning from your mistakes comes at a cost. By compiling information from many sources, data analytics can guide you through typical pitfalls and help you keep up with current market trends.
Serving and Understanding Your Clientele Data analytics compile information from across an entire market or industry to provide insight into the causes of a given outcome as well as the effects of a given action. Analysis of business trends can help you determine which courses of action are most likely to yield the most beneficial results for your business. This can manifest in ways that benefit your employees, your customers, and your investors. For instance, customer relationship management software can be used to assess trends regarding how sales and customers interact with each other, which actions are most common, and which problems are most easily solved by which solutions. The ability to analyze which marketing strategies work and which ones do not will streamline processes that would normally be stalled by months or years of trial and error. Marketing Effectively and Securing Funding Analyzing the habits of your customers in relation to your marketing efforts is another valuable use of data analytics. Market research can help determine what demographics most commonly patronize your services and which advertising strategies are most effective for those groups. Looking at sales figures immediately following an ad campaign can indicate whether your efforts were effective and how to pull in even more clients in the future. Investors can benefit from (or be swayed by) your analysis as well. Being able to show market research and sales trends can help you to convince financial institutions and private investors alike that your plan is not only viable but profitable. This will encourage potential sources of seed or growth capital to take a risk on your model, knowing with a decent amount of certainty that they'll soon see returns on their investments. Streamlining Internal Processes Internally, analytics can guide your decisions with better insights and accuracy than trial and error. Investigating your internal actions and what results they've yielded gives a clear, quantifiable assessment of the efficacy of those actions. This can be as simple as seeing which employees or teams excel at a given task and as all-encompassing as understanding how profitable your company has become as a result of certain initiatives. Studying similar data from your contemporaries and competitors can show you what tactics are working best for them and what pitfalls you should avoid. Data analytics can also help you keep an eye on your cash flow. Graphing profits and losses on a long enough timeline can reveal patterns and trends in how successful your business is, letting you shore up more help during your busy season and alerting you to sudden drops in profitability or increases in expenses. Seeing everything on a macro scale can yield insights that may be missed when taking things day-to-day, while analyzing the productivity of specific teams and workers can show you where cuts and alterations need to be made. Having a streamlined invoicing process is also essential in financial recordkeeping and reporting. To stay organized, use an invoice maker that you can edit with your branding elements, as well as download in your format of choice for better tracking and filing. Learning from the experience of others can spare you from carrying out the same confusion and missteps yourself. Data analytics can forecast the likely outcomes of every professional action you may take, steering you towards the smartest choices which help your business stand the test of time. Image via Pexels  The digital revolution made remote work possible and enabled companies to hire gig workers from anywhere in the world. Here are a few tips to help you build a successful team of productive and happy freelancers for your business.
Explore the Benefits of Hiring Freelancers Hiring a remote freelancer instead of a full-time employee saves you money on recruitment, training, benefits and office space. Another benefit is the ability to hire for the short-term to cover a busy season or launch a new project. In addition, because you pay on a contract basis, you can get highly skilled workers without paying the salary they would charge as an employee. Determine What Skills Are Needed Your first step is determining the work you need completed and the skill level required to accomplish the task. Typical jobs to outsource to a freelancer include:
Find Skilled Freelancers The internet makes it simple to find skilled freelancers from around the world. Online freelance job boards are the most popular way to locate an available gig worker. For instance, if your company needs a software refresh, you can hire a talented freelancer to do the task. You can find software developers for your project by visiting online job boards and reading reviews and learning about their experience and rates. You can also ask business colleagues for referrals. Look for freelancers who are within your budget and have proven skills to do the job. Conduct a virtual interview with your qualified candidates and ask detailed questions about their skills, experience, availability and fee structure. Ask to see samples of their previous work and their approach to projects similar to yours. Determine their preferred communication and management style to decide if they fit in with your company. Communicate Clearly Clear communication is the key to working successfully with freelancers. Give your gig worker the goals, expectations, deliverables and deadlines of the work they are contracted to complete. Use a task manager app to ensure the project moves forward as designed. If needed, schedule touch-point virtual meetings at various milestone project stages. Set up instant message access between the two of you to manage quick questions. Be open and honest in your feedback if the work being done is late or not up to your standards. In addition, be sure to give praise for a job well done. Pay Promptly Nothing keeps a gig worker happier than receiving prompt payment for their work. Direct deposit and pay cards are popular ways gig workers receive their pay. Payroll software can help you manage this process, and many offer direct deposits at no charge. If the freelancer is based in the U.S. and earns more than $600 in a year, you must collect and file a completed W-9 form to the IRS. You then report the gig worker's earnings on a 1099-NEC form before January 31 of the following year. Following these tips can help you build a team of successful and happy freelancers. In addition, this allows your company to enjoy the monetary and production benefits of contracting with the ever-growing remote gig workforce. Need to revamp your website? Trust the web professionals at Waking Girl to create a functional, responsive, and attractive website for your business! Image: Pexels  Maybe you’re excited about your company’s progress in recent months, but you’re curious about how you can push your business forward. Digital transformation might be the answer! By investing in digital innovation, like revamping your company’s website with Waking Girl Web Design, you can achieve and even exceed your business goals. Here’s how to take on digital transformation initiatives for your company.
Focus on Business Process Management Your processes dictate the way your business runs - and if your processes are not as efficient as they could be, you’ll inevitably waste time and lose out on revenue. But what is business process management? Through business process management, you can automate and optimize processes and move your business forward through digital transformation. By explaining to your employees that this will allow them to tackle projects faster, you’ll be able to gain buy-in from your team. As you create your company’s BPM framework, you’ll need to continue monitoring its effectiveness as time goes on so that you can make changes if necessary. Choose Tech With Great Support No matter what kind of technology you’re thinking about investing in, you don’t want to choose programs that lack customer support. After all, if you’re having an issue with your software, you need to be able to get in touch with someone who can help you remedy the problem. Prior to purchasing any new software or hardware, connect with their customer service department and ask a few questions to gauge the effectiveness of their support services. Explore Cloud Computing Why are cloud systems so essential for businesses these days? They allow you to store and organize your digital files, and ensure that your team can access the documents they need even when they’re away from the office. Investing in a cloud storage system will definitely make it easier for your team to collaborate on projects. Centrilogic also states that cloud computing can support agile processes, help you cut overall costs, and allow you to scale your business since you can always purchase more storage space if necessary. Use Helpful Software If you haven’t already onboarded your team onto project management software and customer relationship management software, now is the time to take care of it! Choosing the right versions of these software can be a complicated decision. It’s important to figure out exactly which functions and features your company will need, so talk to other business owners who run companies of a similar size. Ask them which programs they use, if they would recommend these systems, and which features their team relies on most heavily. Apply Data Analytics By using the right software, you can collect valuable data that allows you to make crucial decisions about your company’s future. How can data analytics benefit your business? Treehouse Technology Group states that your data can reveal which processes are actually supporting your business as intended, how your customers behave, where you need to make improvements, and what kinds of actions you can take to change your business for the better. When your business is run with technology, there is so much potential data that you can collect - and if you’re not already gathering this data, you might be missing out on key knowledge about your company. Therefore, data collection should be of the utmost importance. Digital transformation is a major undertaking. But embracing digital innovation can help you rack up entrepreneurial accomplishments that you didn’t even realize were possible before. With these tips, you’ll be inspired to start incorporating innovative digital changes into your company! Are you ready to drive serious business growth? Turn to Waking Girl Web Design for support! Call us today at 775-544-6612 to learn more about what we can do for your company. Photo via Pexels WAKE UP your social media with these holiday graphics!
 Ultimately, every business owner will want to know the resale value of their business. Even if they intend to pass it on to the next generation, it is important to be able to defend your valuation. Several criteria are needed to come to a reasonable valuation.
If there is real estate involved, and it is assumed that a new owner would continue the use of the property for the same or similar business, a commercial appraisal may be needed. However, lenders have some leeway on whether a fee appraisal is necessary, especially if the real estate value is less than $500,000. A second consideration is whether the business will be sold as a "going concern" or if a new owner will be starting something new or a re-start of what was once there. A "going concern" will be valued based on historical profitability and how bankable those figures turn out to be. Most business acquisitions will involve financing, so it is important to avoid being too aggressive in write-offs in the immediate year's tax returns, otherwise a prospective buyer will devalue the business to comply with lender requirements. Saving some in taxes could result in even greater losses as it relates to the lowering of net income and thereby lowering the value of your business. When a prospective buyer learns about your business, they will want to see two things right away. First, they will look at your website as it gives a first impression of how current your business is. Second, they will want to see your financials to determine the viability of the business. If you're thinking a sale of your business is in the near future, contact Waking Girl Company. They have the resources to update a website and to give guidance on an independent evaluation. When planning a succession or sale, business owners should consider turning the reigns over to either the “heir apparent” or an interim CEO/President while still on-site.
This will give the owner a chance to determine whether they are comfortable with a transition of authority, especially on day to day matters. Giving someone else authority to make decisions on hiring, marketing and vision-casting before actually going on that long awaited world cruise can be a good method to check out the mentality and initiative of a would-be successor before giving more comprehensive authority. Often owners just want a break from the minutia of running the business which allows them to spend more energy on long range planning. Obviously, the physical and mental health of the owner should be considered as well. Asking, “Is the time right to retire, sell or turn over the day to day operations?” is a major decision especially for someone that has poured their heart and soul into the founding of a business. The emotional attachment can often blur the right decision. One should do some soul-searching about whether the goals they had at the beginning have been achieved or whether it is more likely to be achieved with someone else at the helm. Want to see if your business is ready to sell, or if you just need a vacation? Call us today for a complimentary business consultation. Written by Larry, Business to Business Consultant  Guest Writer:
Larry, B2B Consultant I was so happy when a Tim Hortons coffee and donut shop opened on the US side of the Canadian border. Whenever I visited family in International Falls, Minnesota, I made a point to bring my passport so I could cross the border to Fort Frances, Ontario where I was able to enjoy a thriving store with unique donut options and excellent coffee. Keep in mind, to cross the border at that point requires a fee as you first have to cross a toll bridge to get to the actual border crossing. So those donuts had to be good! Why did Tim Hortons fail to be profitable in the US? My opinion is that they carried the name across the border without carrying the level of service that I found at the Canadian branch. At one location my wife and I were the only customers in the store and we were outnumbered by Tim Hortons employees. However, there was not one table cleaned and ready for new customers. At another store, they did not even carry my favorite Oreo cookie donut, which I think is a trademark of the franchise. I recently visited another franchise only to learn that many of their choices were not available. This is when it became obvious to me that the franchise could not continue. Typically, I would rather eat at locally owned and operated businesses, rather than a franchise. Of course there are good reasons to eat at franchises as you know what to expect as far as menu choices and a certain level of service. Locally owned non-franchise places depend on building a reputation of their own, spread by word of mouth or social media. Local businesses must learn from the errors of places like Hortons to stay profitable. Collect feedback, implement feedback, stay in business. If you enjoy trying out the locally owned places as I do, remember to post a Yelp review for that business. More people are using reviews as a deciding factor when choosing where to dine or buy products. Locally owned businesses can find creative ways to encourage customers to post their experience on social media or post a review on Yelp or Google. Engaging a team of professionals to assist in this effort is worth directing some advertising dollars to, in order to get the benefit of obtaining reviews and knowing how to boost them to get maximum results. While some web design companies offer this service, not all of them do and not all that do are experienced in this realm. Make some inquiries before committing to making the investment. In the event the business has had some negative reviews, a good web company can work with the business to address those concerns and turn some negative comments into positive change.  Several of our restaurant clients have had terrible experiences with various food delivery services. Here's an inside look at the reason some of your favorite restaurants are not participating in UBEReats, GrubHub, Postmates, etc., as well as some solutions YOU can use as a consumer. Dear Delivery Service, There is a lot more involved in proper delivery of our menu items. 1) The fleet needs to be prepared to immediately exit the premises and drive directly to the diner's location. We have experienced drivers from various services getting comfortable at the bar, and delaying their deliveries. 2) Based on the Yelp reviews we have received from diners who received their meals from delivery services like Postmates, other events are happening between our restaurant and the food's destination. I'm not sure what events this could entail, but it is not conducive to our customers' expectations. 3) The other problem is tipping. Our hard-working staff has no incentive to service delivered meals, and in fact, is often penalized for it. The IRS withholds based on the total sales, not on the total tips. So, a delivered sale will be taxed as if the server is receiving a full tip, but in reality, the tips are often small--as consumers don't understand the extra work involved in packing a to-go meal, and it's being split with the driver. How Postmates can help:
Our hope is that Postmates will take this feedback seriously and enact immediate changes. If your system changes, please let us know! We would be happy to reconsider participating in your platform.  Recently, a not for profit organization had a change of Directors. This change was not foreseen as the Director was diagnosed with a terminal condition that quickly took her life. The organization failed to keep a record of passwords and other pertinent information that were necessary to edit their website, check email messages and access bank and credit card information.
The Director probably had all that information saved somewhere, but where? So not only was the organization suddenly scrambling to keep up on the day to day activities the Director had been doing, they also found themselves in the dark as it related to all the technology that had been part of the organization. That is one reason to make sure the organization's website has a maintenance plan with your web designer. Some businesses try to save a few dollars by having a staff person manage their website. Every owner or board of directors should consider engaging their web company to maintain the site and keep access for edits and changes even if the employee is making some edits. That is like an insurance policy against having an employee quit or otherwise leave the business wondering how to manage the site without them. At the bare minimum, a hosting and maintenance plan should be included with your web company. |
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