Category: Business News

  • A Critical Success Factor in Email Marketing

    Businesses and consumers alike rely on emails for information and as a primary communication channel. As a result, email marketing is a high priority for businesses of all types and sizes.

    Despite the creation of comprehensive email strategies, very few companies include email validation as a weapon in their arsenal. Dead-end email accounts slowly clog up your contact lists, wasting time and dollars as you send messages that are doomed to bounce back. Without this essential tool, even a masterfully crafted email marketing program can fall flat.

    Related: 7 Statistics That Prove Email Marketing Isn’t Dead

    Focus on the audience that wants your emails.

    Numerous statistics substantiate the reason why marketers are investing so much in email marketing. For example, The Radicati Group states that the total number of global email accounts is expected to exceed 4.9 billion by the end of 2017. Among those email users, 57 percent spend between 10 and 60 minutes reviewing marketing emails each week, as reported by ChoozOn.

    With all this in mind, it’s no wonder that 81 percent of B2B marketers use email newsletters for content marketing, according to Content Marketing Institute. But what happens when people leave companies or make changes to their personal email addresses?

    Poor list quality can quickly accumulate as these email accounts are abandoned by their owners. Similarly, many companies rely on gathering email addresses at the point of sale or from a mobile device. When entering verifying information on a mobile, typos can be made by the email owner that are only discovered later, when marketing emails go undelivered.

    These issues leave you struggling to reach your primary targets. An updated email list is critical to making the most of the return on investment that email marketing offers. According to Andrew Blazewicz, co-founder of the email validation service Email Checker, “Webmasters and internet marketers send thousands of emails to their clients and potential customers every day. Emails bouncing back means a reduced Sender Score, which is a rating between zero and 100 that identifies your sender reputation and shows how other mailbox providers view your IP address.”

    Blazewicz explains the importance of these Sender Scores to an email marketing campaign’s success. “It is similar to a credit score when testing creditworthiness. Instead, it tests deliverability worthiness. A high Sender Score means the majority of email campaign messages will reach the inboxes. In contrast, a low Sender Score means messages will end up in recipients’ junk folders or be blocked by the mailbox provider.”

    Related: Email Marketing Is Nearly 40 Years Old. How Can We Keep It Thriving?

    Realizing the benefits of email validation.

    Email verification, or email validation, is a potential solution to the epidemic of inaccurate or abandoned email addresses. Email verification can step in to keep your connections current with loyal subscribers or interested prospects for better email marketing results.

    Using an email validation process includes real-time verification of subscribers on your email list, both as they enter the email and in batch form with your existing list. It’s ideal for ensuring accuracy for both new and long-established email lists.

    When you send an email campaign to thousands of email addresses, imagine how much a more accurate list will benefit your marketing program.

    Related: The Best Days and Times to Send Your Email (Infographic)

    1. Saving money and improving ROI.

    The biggest benefit is the amount of money you can save through reduced marketing costs. Every message that is sent represents dollars spent, so each marketing message that travels to nonexistent or inaccurate email addresses equates to dollars down the drain.

    With a more accurate, validated list, you’ll likely report an overall higher return on investment for your efforts  — after all, your campaign statistics will no longer come back lower than expected. When management starts to see significant results from your email efforts, those results can translate to more dollars directed toward future email marketing campaigns.

    Related: How Often Should You Send Marketing Emails?

    2. Actionable data insights and segmentation.

    Along with poor campaign statistics, an inaccurate email list won’t provide actionable data insights that can offer direction for future engagement strategies or content themes. That information is vital for your return on investment, and a chorus of bounced emails provides nothing but noise.

    A validated email list will tell you who’s an active user and who has used your company’s services or products in the past, among many other insights. This provides a way to further segment your email marketing strategy. You can send separate messaging to each group, incentivizing group members to return or offering them updates related to their recent purchases.

    Related: The Only Online Marketing Metric That Actually Matters

    3. Enhanced reputation.

    If your bounce rate increases and email providers start banning you from their services, your reputation as a business will be on the line. No one wants his brand to have “spammer” associated with it. Therefore, email validation can go a long way toward maintaining your status as a reputable brand with your Email Service Provider (ESP), Internet Service Provider (ISP) and target audience.

    While we all want to handle emails properly and change our information when we need to, the reality is that marketing subscriptions often fall through the cracks. Your audience members won’t always remember or take the time to report to you when their addresses change.

    That’s why you need an email validation tactic in your email marketing strategy to stay relevant and reap the many benefits of an email marketing campaign — otherwise, your message is just falling on deaf ears.

  • How These Startups Overcame Their Obstacles (and What You Can Learn From How They Did It)

    Everyone wants to start a company. Open the doors, get your funding, then exit with a ton of cash. It may sound easy, but nothing can be further from the truth.

    You will face many obstacles as a founder. Overcoming these obstacles doesn’t mean your startup will be a success, but it does put you on the right road.

    While we can dissect failure essays all day long, I thought I would focus on some recent success stories; their struggles through the early stages and what they did to overcome them.

    Related: How to Start a Business With (Almost) No Money

    Explaining your value to potential customers

    Letting potential customers know what you have to offer sounds easy, but it is common for startups to fail because they are unable to deliver their message.

    Ovid is in the business of life settlements, something most of us have never heard of. In a nutshell, they help seniors sell their existing life insurance policy to a buyer for an upfront payout, avoiding loss for the policyholder, who often lets it lapse.

    “Starting out, our biggest challenge was learning how to clearly communicate our service to potential customers — another way of saying we were looking for product-market fit,” says Ovid co-founder, Lingke Wang. “A life settlement is by nature a complex financial product that not even many insurance agents — let alone consumers — know about or understand.”

    “When we started, the industry primarily relied on life settlement brokers to handhold a consumer through the process. Handholding is great, but it is also quite expensive and inefficient. So, we saw a major opportunity to use software to replace the functions of this hand-holding and brokering. But how do you communicate this product online within someone’s attention span?”

    Wang adds that the company also narrowed its focus to a specific target audience — senior citizens. That way, it could overcome the communication hurdle by perfecting their pitch to one group.   

    “We would come up with multiple ways of explaining our service and then test it on our grandparents and their friends, test and repeat.” adds Wang. “It not only improved the clarity of our pitch, but also helped us prioritize information which at the time seemed counterintuitive. Over time, our findings led us to develop a library of educational content that helps walk consumers through each step of the process. Today, not only has our content become crucial in converting customers, but is now also helping to drive new traffic and opportunities to our business.”

    Related: 5 Low-Cost Franchises You Can Start for as Little as $4,000

    Getting investors on board

    Great ideas should easily attract funding, but that is not always the case. The same even holds true if you are a venture firm taking on new investors. You must be able to explain to investors how they will make money from their investment. If you don’t, then don’t expect them to write you a check.  

    “One of the toughest challenges I had in the beginning was explaining to investors exactly what we do and how we make money for them,” explains JP Marony, CEO of alternative investment fund Harbor City Capital Corp. “The reason for this is because it was such a new business model or new approach, not the fact of generating leads and not the fact of generating investment returns but the combination of the two. My strategy of digital marketing arbitrage was something, as far as I know, no one else has ever done.”

    Marony adds that, while your business model may sound simple to you, potential investors may not see it that way. You need to be able to break things down for them in a way they understand. As an alternative investment company, he had to come up with a way to show people how they make money off their investment.

    “This is the simplest way I was able to explain it to potential investors,” adds Marony. “You buy advertising on the internet, send people to a page and when they fill out a form, you get paid. The difference between what you spend and what you’re getting paid is your profit, which you use to pay your investors. But, it took me quite some time to come to even that simple of an explanation.”

    Deciding whether to raise money or self-fund is also a challenge that many entrepreneurs have to think about, even if you have interest from a few successful VCs.

    Take, for example two entrepreneurs I met in India who are eating, sleeping and breathing the self-fund lifestyle. Shivani from Buon appetite tells me that self-funding gives her the ability to pivot the direction of the company as needed without the hindrance of investors breathing down her neck.

    Similarly, Rahul of Eves24 mentioned that he didn’t want to wait for an investor to give him the capital necessary, but rather wanted to start growing the business from day one.

    Related: Need a Business Idea? Here are 55

    Making yourself known in a crowded market

    It’s not easy to enter a marketplace selling widgets when everyone else is selling widgets. Oversaturation of same or similar products can often drown out new companies trying to bring a product to market.

    “It may appear that certain industries are so packed with competition these days that it’s hardly worth jumping in,” writes Kelly K. Spors on Entrepreneur. “But, don’t let a crowded market deter you.”

    A crowded market should not prevent you from becoming an entrepreneur. In fact, Spors adds that you really just need to find a competitive edge in order to break through. Companies who have found a way into crowded marketplaces have done so by trying to be different from the get go.

    “At its outset, we wanted to be different,” says wearable technology company GOQii founder, Vishal Gondal. The company makes wearable fitness trackers and reported that it sold more than 2.5 million units in 2016. Now, while wanting to be different is a great plan, doing so can be harder than expected.

    “[Being different] proved to be rather difficult,” adds Gondal, “being the strict space the company operated in. There are many groups in the fitness band industry and many of them are much bigger than we are.” Gondal found a way to set themselves apart from the bigger players by adding personalized features and a lower price — two things that people purchasing wearables were asking for.

    “GOQii was able to differentiate the fitness band space by providing personalized coaches that track your workouts and comments that helped push you to succeed with your fitness goals,” says Gondal. “We also added monitoring by professional trainers. All for a lower cost than any traditional fitness coach would be.”

    In the end, GOQii focused on what customers in the wearable industry were asking for: lower prices and personalized features. In doing, the company was able to grab market share from others who were slower to respond to what people were asking for. 

  • 25 Innovative IoT Companies and Products You Need to Know

    The Internet of Things (IoT) continues to evolve and expand in terms of the number of companies, products, and applications that illustrate just how beneficial it is becoming to connect our devices, appliances, homes, and vehicles together. Some companies like Nest have led the way and are becoming instantly recognizable.

    Waiting in the wings are numerous IoT companies you may not yet be familiar with but that could enhance how you work and live like these 25 innovative IoT firms and products:

    1. SkyBell

    SkyBell offers an award-winning smart video doorbell that allows you to see, hear, and speak to visitors whether you are at home or away.

    This smart doorbell sends live HD video to your smartphone with the free mobile app for iOS and Android-based devices. It also has full-color night vision and a motion sensor that alerts you to a visitor at your door even if they don’t press the doorbell button. SkyBell is the only video doorbell partnered with some of the top security providers in the world, including Honeywell and Alarm.com.

    Related: 3 Ways Entrepreneurs Are Making IoT More User-Friendly

    2. Deako

    Deako is quickly becoming a leading provider of smart light switches, thanks to beautiful design, innovative engineering and prices that fall below their competition.

    Their Bluetooth-enabled smart switches make it easy for homeowners to upgrade to smart lighting – allowing users to control any light in their home from a switch, smartphone or their voice. And best of all, Deako smart light switches don’t require a separate hub.

    3. June

    This IoT company offers an intelligent convection oven that identifies what you are cooking with a camera and offers suggestions on how to make it. You can also track the cooking process from your phone, watch, or any other connected device.

    Cooking smarter meals tastier meals and no mistakes on timing and temperature.

    4. Particle

    This IoT hardware company provides a platform for connecting IoT devices to securely connect to the Web and create a network to leverage all the benefits of this technology.

    Over 100,000 developers are using Particle to build their enterprise and startup IoT devices and working as a community to collaborate on how to advance its application across industries.

    Related: Connected Home Might Be the Next Big Thing But Connected Pet Is Big Right Now

    5. MyMDBand

    This is a wearable digital device is actually a medical emergency bracelet.  MyMDband provides medical information about the wearer and uses GPS and location information to adapt the information to the local language when the wearer has any type of medical emergency. A caregiver can scan a laser-engraved QR code on the band’s buckle to get health information about the wearer.

    This information could include any prior medical conditions, allergies, current medications, last medical tests, and vaccinations. The IoT medical emergency bracelet also automatically alerts emergency contacts, providing updates on the wearer’s location and situation.

    6. Roost

    This IoT device company offers a way to take care of some typically annoying home issues. Its smart smoke alarm battery stops all those chirps that remind you that it’s time to change the smoke alarm battery (which usually happens in the early morning hours. In fact, you can use its smart smoke alarm as well.

    Plus, the company provides leak detection sensors that help protect your home with water leak and freeze alerts.

    7. Jasper

    The company offers a cloud-based IoT SaaS platform for startups, small and medium-sized businesses, and large companies to launch, manage, distribute, and monetize their IoT products and services. Jasper essentially is an IoT solution for IoT businesses across numerous industries and segments to rapidly and cost-effectively deploy IoT so more companies can adopt this way of working together.

    Applications include mobile service management, billing and business automation, and support diagnostics as well as much more.

    Related: How Small-Business Owners Should Be Using IoT

    8. Samsara

    Offering industrial and fleet applications, this IoT data platform provides assistance with energy monitoring, asset utilization, and vehicle tracking.

    For industrial uses, Samsara offers remote and power monitoring as well as cold chain while fleets can leverage features like dash cam, GPS tracking, trailer tracking, and more.

    9. Hologram

    This IoT company is a cellular connectivity platform that enables IoT device connectivity. Those with fleets can improve their management of all assets and drivers while numerous types of companies can benefit from the ability to capture and assess device data from those IoT devices that are linked.

    10. Awair

    This IoT company has various products, including Awair Glow, which is an air monitoring device with a smart plug. It provides multiple benefits for consumers that use these IoT products. The air monitoring aspect of the device tracks toxins and chemicals in the air and then offers a recommendation on how to improve the air quality.

    The insights and tips are delivered on its app. It also attaches to other devices like Google Home or Amazon Echo so it will turn on things like humidifiers that are connected to your home network.

    11. TP-Link

    The IoT company offers its Smart Wi-Fi LED bulb with color-changing hue to help you reduce energy consumption while controlling your lighting at home. While it connects directly to your home Wi-Fi you can also control it from anywhere through the Kasa app so you can adjust color and brightness, track your energy consumption, and set schedules for when it’s on.

    It is also compatible with Amazon Alexa and Google Assistant as well as Android and iOS devices.

    Related: 3 Ways Entrepreneurs Are Making IoT More User-Friendly

    12. Talkies

    This IoT toy company was seen on “Shark Tank” and has been growing in popularity as a way for kids to chat with friends and family without having to give them a phone.

    Messages can be sent from the phone app to a talkie toy or two talkie toys can be used to message each other. It’s a fun and safe way to get kids into conversations and away from their screens.

    13. Ray

    Ray offers a glimpse of what the future of television remotes looks like with this smartphone platform that works with hundreds of devices so you don’t need all those remotes anymore.

    Besides controlling all your entertainment devices, it offers a recommendation engine that learns from what you choose to watch so it can help you find more programs and content like those preferences.

    14. Cujo

    The IoT company offers a smart firewall that protects your connected home, securing all devices that are connected from hackers and other threats. Parents can also use this device to monitor and control what their kids have access to online to keep them safe.

    The security levels are akin to the security systems a business would use to protect its devices.

    Related: How Startups Can Capitalize on IoT’s New Co-Economy

    15. Arrayent

    The IoT cloud-based platform is now being used by many brands to get connected and get closer to their customers. This includes connecting products as well as business processes and departments.

    The platform also provides a way to share all the data is collected in a way that an entire company can easily access and analyze together for greater collaboration and insights.

    16. Sonos

    This is a connected home speaker known as Play:5 that offers incredible sound and that connects to all types of device. It streams music over Wi-Fi rather than Bluetooth so the music will continue playing from your smartphone even if you pick up a phone call. This technology illustrates how you can conveniently bring all your entertainment together for an incredible sound experience.

    17. Invoxia Triby

    This is a smart portable speaker that you can stick on your refrigerator or leave it anywhere in the home that offers Alexa voice service.  You can leave digital messages and doodles for your family, set alarms, pair it with your phone to do hands-free calls, control home devices, ask for news, get information from the Internet and play music.

    Related: 3 Major Enterprise App Improvements to Watch For

    18. Buddy

    Buddy Ohm is a full monitoring solution that can be used to manage all IoT data. It includes Internet of Things (IoT) class hardware, scalable data infrastructure, an operations portal, dashboards, and mobile connectivity.

    Businesses can use this IoT device to get more insights from all the data that is available through analysis after connecting all types of devices together.

    19. Eight

    This interesting company combines your sleep with data. Want to sleep better? Eight is the bed that tells you how. 

    The Eight Smart Cover is a sensor layer that fits over any mattress and instantly turns your bed into a smart bed. Receive daily sleep reports each morning, use the dual zone warming feature to make your bed extra cozy, connect to almost any wi-fi enabled device in your home.

    20. Flex

    The product design company builds intelligent products for the IoT environment across numerous industries and applications. It uses a process called Sketch-to-Scale to help businesses enjoy the advantages of intelligent products and platforms that leverage the power of creating connections and networks between products to yield even more benefits.

    21. Singlecue

    This IoT device allows you to control your home through the use of gestures versus all the voice-assisted IoT devices now available. It removes the need to use any remote control devices, works with over 100,000 devices to connect them, and offers a fast, effective way to send commands with a wave of your hand.

    Related: America’s Obsession With the Automobile Is Changing With the Times

    22. Lantronix

    Lantronix focuses on helping more companies adopt IoT into their processes and building models by creating IoT building blocks like embedded Wi-Fi and IoT gateways. The result is faster connectivity to realize the benefits of greater connectivity for a number of sectors, including industrial, healthcare, fleet, security, energy and more.

    23. Kinsa

    Kinsa offers an IoT thermometer that does so much more to track your well-being from illness back to feeling good again. While your traditional thermometer only reports your temperature, the Kinsa smart thermometer also offers personalized guidance on how to treat the temperature, advises when to contact a physician, reminds you when to take medicine and how much, shows what illnesses are in the geographic area and maintains your family’s health details so you can access them from anywhere.

    Related: How Startups Can Be Invited to the Big IoT Party

    24. Click and Grow

    This is a truly unique IoT application that involves creating and managing an indoor herb garden, flower garden, or edibles garden. The garden is self-watering and involves just plugging it in and letting technology do the rest. It’s a great way to illustrate the ability to create self-sustaining environments anywhere.

    25. Losant

    The Losant IoT platform is a middleware solution that is helping more companies build their own IoT systems for their business models. The IoT platform includes an intelligence engine, device management and connectivity, data visualization and analytics, workflow engine, and end-user application experience.

    An IoT Revolution

    These 25 IoT companies — from innovative consumer products now available to industrial and commercial hardware and platform development — it’s clear that IoT continues to expand and provide an exciting future of how connectivity can improve work and life productivity while ensuring that data and personal details are protected.

  • Instead of Staffing Up For Your Marketing Campaign, Build A Chatbot.

    If you own a business, you can’t afford to ignore chatbots. While often considered a simple customer service tool, these machines can now help businesses automate a huge variety of processes. They can also act as virtual assistants, giving back time to employees to focus on more important, revenue-generating activities. You need to know how to build a chatbot for your marketing campaign and how you can make the most of it.

    Thanks to advancements in the artificial intelligence (AI) and natural language processing (NLP) that powers these machines, they’re now capable of undertaking a huge variety of tasks, making them an integral part of your various teams. With machine learning, they’re able to learn from the data they gather, thus allowing them to engage with your customers where they’re most likely to be: on social media messaging applications.

    With that in mind, you can now integrate your chatbot into your social media advertising and digital marketing campaigns as a whole. Luckily, today, with the help of chatbot building solutions like ChattyPeople, you can create a chatbot in a matter of minutes, for free, without any prior programming experience whatsoever.

    Related: Top 10 Best Chatbot Platform Tools to Build Chatbots for Your Business

    The platform comes with a visual interface and a powerful dashboard that gives you a 360-degree view of your audience. Moreover, these chatbots can be specifically designed to help with your online marketing campaigns by:

    • Integrating with your social media profiles
    • Providing a self-service option with a chance to upsell and cross-sell
    • Sending personalized promotions, offers, and deals, on demand
    • Monetizing your social media profiles by integrating with major payment systems

    How to Build a Chatbot for Your Marketing Campaign

    Simply building a chatbot is not enough to effectively implement it into your organization’s scheme. To create an efficient chatbot for your marketing campaign, you must remember to:

    Set Measurable Goals

    As with every marketing campaign, you need to establish what you want to achieve and when you want to achieve it, and the same goes for your chatbot. By implementing a chatbot into your marketing campaign, it’s important to have a vision for it. Know which part of your campaign you want your chatbot to focus on and design it once you have these measurable goals in mind.

    Related: Enterprise Chatbots Platforms and the Future of Work

    Get to Know Your Audience

    To capitalize on the use of a chatbot as part of your marketing campaign, you need to know who it will be communicating with. Get to know your audience so that your chatbot can establish the best tone of voice, which products to push, and of course, where to interact with them. Your virtual assistant can draw information from social media profiles, browsing habits, and other sources to then to provide tailored ads that speak to each customer.

    Collect as Much Information as Possible

    Chatbots can track user data, so you should be collecting as much information as possible. Not only will it allow you to improve its performance, but also improve your marketing campaign as a whole. With the information your chatbot collects, you can identify common problems customers are facing and fix them to boost your interactions and sales.

    Related: Enterprise Chatbots and the Conversational Commerce Revolutionizing Business

    Allow Your Chatbot to Be Proactive

    Many businesses have a reactive approach to customer engagement. In other words, they wait for a customer to start a conversation with them. Make sure your audience knows that your chatbot is available to help by sending a quick ‘Hello’ message as soon as they land on your website or social media pages. They’ll be more likely to engage with it in the future, thus enabling you to gather more data.

    Give Your Bot a Customer-First Mentality

    Traditional advertising and hard-selling methods no longer work like they use to. With that in mind, you have to have more of an inbound marketing approach. Simply put, you need to have a “customer comes first” mentality.

    Your chatbot should be designed with the aim of fulfilling a specific duty that will be valuable to your audience. Instead of packing it with a variety of glitchy features, deliver one flawless function at a time and make its abilities clear to each user it interacts with in order to set expectations.  

    If you create a chatbot that is unable to undertake one task, this will leave customers with a poor impression of your brand. Be sure to align your chatbots functionalities with your marketing campaign’s goals.

    Related: How to Create a Facebook Messenger Chatbot For Free Without Coding

    Make It Personable

    While you don’t want your chatbot to come off rude or abrasive, giving it a level of personality is recommended. Train it to reflect your brand’s vision and tone of voice. Make sure this personality aligns with your target audience and, of course, the industry in which you are operating. For example, if you want to implement a chatbot into your football marketing campaign, it would not have the same tone of voice as one designed for a banking firm.

    Deliver Personalized Content and Promotion

    One of the best and most practical features that modern chatbots can offer is the delivery of on demand personalized promotions and offers to consumers. By gathering data from social media profiles and past interactions, chatbots can learn about consumer behaviors, shopping preferences, and more.

    Related: Make Chats With Chatbots Work

    Nurture Your Leads

    To create an effective chatbot for your marketing campaign, you first need to establish your buyer personas. From there, your chatbot can reach out to your potential customers in real time and qualify them automatically to provide you with high-quality leads. The chatbot you implement for your marketing campaign can work closely with your sales team, nurturing your leads as they go through their buyer journey, eventually leading them onto your sales department.

    Upselling and Cross-Selling

    Every time your chatbot has an interaction where it answers questions about products or services, or even gives shopping advice, it should be able to offer an upgrade, insights into new products, or information on products that could complement their current choices based on the user’s shopping preferences. By doing so, your chatbot will also become an upselling and cross-selling tool that will help you generate more sales.

    Related: The How-To: Using Chatbots As A Tool For Customer Service

    Finally…

    Chatbots aren’t going anywhere anytime soon and to stay ahead of your competition and increase sales, it is important that you implement yours where it is likely to offer the most value to your customers. Follow the steps I outlined above to create a chatbot that can help increase awareness of your marketing campaign and help you make more sales.

  • Why One Talent Manager Says Digitally Native Content Creators Are Not Just a Trend

    Lisa Filipelli is no stranger to the talent world or social media space. She also knows long hours in and out of the office. The former dancer started her television career as a casting assistant at Nickelodeon. She transitioned into a role as an agent trainee in the commercial endorsements department at CAA before moving to an MCN. Her career took her to Big Frame, where she was the VP of talent. Three months ago, she launched Flip Management to focus on her long list of clients including Tyler OakleyIngrid NilsenAspyn OvardKian Lawley and Amanda Steele. She sat down with Jessica Abo to discuss her road to becoming an entrepreneur and shared why companies should consider collaborating with digitally native content creators to boost a brand’s bottom line.

    Related: How One Entrepreneur Transformed Her Organic Skincare Line From a Hobby Into a Business

    Watch more videos from Jessica Abo on her YouTube channel here.

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    Click here to become a part of this growing video network.

  • How to Make Sure Your Business Keeps Running When You’re Ready to Walk Away

    For most entrepreneurs, including myself, the start of a new business venture usually depends on a single idea — one we feel feel passionate enough about to invest in with our funds, time, resources and, perhaps even our lives.

    This passion is what gives entrepreneurs the energy, power and resilience to make their visions a reality. Yet, the day will come when they need to exit their business with maximized returns.

    For this to happen, you should plan from the start how they can exit the business — or at least, become less involved in running it. By recognizing that you cannot be the only one performing every role needed to achieve the desired sustainable growth and success, you create a better structure for a future successful exit, without risking the collapse of the business.

    Related: 2 Roadblocks to Successful Leadership Transitions

    From my experience, you should decide on which of the three key roles to assume — the visionary who will grow the business, the executor who will ensure successful delivery of products and services or the controller who will optimize operations.

    The three roles are fully integrated and interrelated and must be performed in a cohesive and coordinated matter. Yet, taking on more than one role will put the business at risk.

    For example, as someone who thinks primarily about growth and the future, I am less strict on employees’ request for pay raise, additional perks or taking time off. An optimizer will be less tolerant, as this will cause the business to run at lower efficiency, as well as cause issues with other resources. Similarly, I want my customers to always be happy and pleased with what we are offering, but this could result in gold-plating the offer or committing to results that the delivery team cannot do. See why separating the roles is crucial?

    Related: How a Mini-Retirement Brought Meaning to My Life

    Visionary

    If you want to be the visionary, which from my experience is optimal, then you should master the generation of new ideas and concepts that will keep the business always alive and ahead of the competition. The visionary role also includes setting the growth strategy, building the team and securing partnerships. In other words, the visionary should be the one who has the ultimate responsibility to lead the business into continuous growth and market leadership.

    Executor

    The second role needed to run a healthy and successful business is the executor. This is the role that ensures delivery is on time, within budget and meets quality standards. In other words, the executor’s ultimate responsibility is to achieve customer satisfaction but without “gold-plating” the services and products deliverables.

    Optimizer

    The optimizer is the third important role needed to run a business. This is the role that will ensure the business operations are run efficiently and achieve the targeted return on investment and profitability. 

    Related: 5 Ways Insightful Leaders Keep Their Teams Working Calmly During Tumultuous Change

    Having those three roles run by competent team members will not only increase the likelihood of having a successful business, but it will also ensure the business will continue if those performing those roles get replaced. In a way, it will help you not blindly fall in love with the idea and the passion associated with it, but be comfortable to let go when the right time comes.

  • Why finding large women’s shoe sizes can be a problem

    Woman applying an adhesive bandage on a wound on her heelImage copyright
    Getty Images

    Image caption

    Finding women’s shoes that fit can be a challenge if you take a larger size

    The UK footwear chain Jones Bootmaker was saved from administration earlier this year but its new owners are still closing a number of its stores – which is a setback for women with larger feet and few options.

    And I should know; as Jones is one of the few High Street staples to offer a larger than average range of big sizes, my local branch was the first port of call to accommodate my own size nines.

    Now it lies empty, the latest instalment in a troubled footwear history that sentenced me to boy’s lace-ups at school and overhanging toes in any sandal since.

    With independent shops rarely stocking shoes above size seven and larger brand outlets offering merely one or two options – if I’m lucky – finding suitable shoes remains the Holy Grail.

    Since the 1970s, the average shoe size of men and women in the UK has increased by two sizes, from a size eight to 10 and four to six, respectively, according to research from the College of Podiatry.

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    The footwear industry is not keeping up with changing demands, says Dr Jill Halstead-Rastrick

    “When size five was average the industry would think providing two sizes above to a seven was just about the fringe of adequate for women, but now that it’s a six, we should be seeing far more eights and even nines as standard,” says the college’s Dr Jill Halstead-Rastrick.

    She believes the footwear industry is not moving with the times to accommodate a nation that is taller and heavier and so by evolutionary logic, has larger feet, and warns this is an issue that could be a time bomb for the next generation.

    “Increased weight splays the feet and we are seeing a lot of adults wearing shoes that are too narrow or small. This is only going to become more of a problem as we continue to grow in stature – we need a wider variety of larger sizes.”

    It’s a familiar narrative to Laura West of the Society of Shoe Fitters.

    She estimates around 30% of inquiries she receives are from girls aged around 12 unable to find school shoes above a size eight, and who having to wear boys shoes as a result. Irrespective of any aesthetics this is having serious repercussions for girls’ foot health, she argues.

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    The lack of proper shoe sizes can lead to hip, knee and ankle and neck problems later in life

    “Boys’ shoes will fit differently, and ill-fitting footwear does change [girls] physiology.

    “If feet hurt you shift your weight unnaturally when you walk and this wears out other joints and tendons leading to hip, knee and ankle and neck problems later on.”

    West believes the problem stems from the demise of British manufacturing in the 1980s, when many UK brands shifted production overseas to cut costs. This has meant less research into foot development and a deeper disconnect between the manufacturer and consumer needs, she says.

    “When we produced shoes here we could run short production lines including larger sizes at little extra cost, but in an overseas factory you have to order in far greater numbers, which becomes cost prohibitive.

    “Independent shops can’t compete with low cost imports – and they would have been the ones to feedback the inability to supply certain items like larger sizes to their manufacturers’ representatives.

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    The extra cost in making larger shoe sizes has also discouraged some manufacturers

    “Now consumers trawl from High Street chain to supermarket and the staff have little involvement; it is self-service mass market approach and an ‘if we’ve got it you can have it – if not tough’ mentality, so manufacturers don’t have a clue.”

    A focus on fashion over quality has compounded the problem for many UK women’s shoe makers. By contrast the men’s market has benefitted from higher-priced items such as Goodyear welted shoes which enjoy a healthy export trade to Europe, Asia and US.

    “The price commanded for them makes UK production profitable,” says British Footwear Association chief executive John Saunders.

    By contrast “most UK women’s shoemakers were operating in the volume to mid-tier market,” he says, and were hit hard in the late 20th Century by increasing Asian competition, retailers demanding a greater share of profits and consumers turning to cheaper shoes.

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    Switching UK shoe production to Asia has led to smaller shoe sizes, says Naomi Braithwaite

    China now accounts for about 65% of shoes made worldwide, and with this production coming from a country where the average female shoe size is a UK three-and-half, this virtual monopoly has hit shoes sizes.

    Former luxury shoe buyer Naomi Braithwaite, now a fashion marketing and branding lecturer at Nottingham Trent University, recalls how standard sizes of shoes at the company she worked for reduced after it switched production from Italy to China.

    “Sample sizes were based on Chinese feet which are smaller boned and narrower. As well as this, many of the designers at the luxury end simply didn’t like to see their shoes in bigger sizes as they didn’t think they looked as beautiful as the more petite sizes.”

    The additional cost involved in producing larger sizes to cover the extra material and increased shipment weight is another deterrent for a somewhat already reluctant industry, she concedes.

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    Retailer Long Tall Sally says women’s size 10 shoes now account for 30% of footwear sales

    It’s a gap in the market that Long Tall Sally, a specialist in fashion and footwear for tall women, has successfully exploited. Its shoe range starts at size seven and goes up to 13.

    Making shoes above a size eight costs the firm about £5 extra a pair because of the extra material, and it also uses a bespoke ‘last’ – a three-dimensional foot shaped mould on which each shoe is made.

    Yet it seems to be paying off with footwear growing from a 5% to 15% share of the total business. Size 10 is now its most popular size, representing 30% of footwear sales.

    “Demand for larger size women’s shoes has risen steadily,” says Long Tall Sally’s shoe buyer, Chris O’Shea.

    The other option if you’ve larger feet, is to buy German.

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    Technology could allow personalised fittings – without the prohibitive prices of handmade shoes

    “Germany is very much an exception – it has always had much better selection in larger size footwear and what they do well is shoes with quality, comfort and longevity’” says O’Shea.

    While Germany still outsources production to Asia, many of its footwear brands retain head office, marketing and design in the country – with a consistent focus on function and quality over fashion.

    It’s why Dr Halstead-Rastrick often directs patients to German brands. But she says the industry could better use technology to provide more personalised fittings without the prohibitive prices that handmade shoes usually command.

    “You can even scan and measure feet via a phone app now, so surely we can’t be that far off a situation where we can send our measurements to companies and say, this is the shape of my foot can you make me something?”

    Here’s hoping change is afoot.

  • How much will you give me for my false teeth?

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    If pawning the family silver signals a desperate need for cash, then what does handing over your own teeth say about your financial situation?

    A set of gold false teeth was one of the more unlikely items offered to pawnbroker Nathan Finch.

    “It wasn’t the most pleasant of transactions but we did the loan,” he says.

    Jewellery is most common pledge as security for a loan, but during 30 years in the pawnbroking trade he says he has witnessed some more creative propositions from customers.

    “Everything from designer handbags to Mont Blanc pens, and a lot of signed memorabilia; we even had people offer a racehorse and a fishing trawler,” says Mr Finch, managing director of Pickwick Pawnbrokers.

    “You never know what is going to come through the door. It can be a very small diamond ring in someone’s hand or it can be a great statue under their arm.”

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    Media captionA pawnbroker reveals some of the unusual items in his vault

    Through the thick, alarmed doors, in the cramped vault under his High Street pawnbroking shop, Mr Finch pulls out works of art, designer handbags, and even a Louis Vuitton dog collar.

    His experience is not unique. Across the UK, various pawnbrokers are specialists in Rolex watches, luxury cars or antiques.

    So why does anyone in possession of an Aston Martin or an expensive timepiece need to walk into a pawnbrokers’ shop to seek a loan?

    “The typical reason that a customer might use a pawnbroker is almost exclusively cashflow. It is not that they don’t have assets, or that they don’t have wealth, it is just that they don’t have that money at that particular time.

    “It could be school fees, it could be extra spending money for a holiday, it could be a crisis loan, like getting your car back on the road. It is a cycle of the need being driven by a crisis or some luxury spending.”

    Research suggests that day-to-day spending, and a need to pay utility bills are high on the list of customers’ need for quick cash.

    “Pawnbrokers tend to get people through a short-term cashflow issue and then the item is redeemed. I am happy and they are happy,” says Mr Finch.


    How does pawnbroking work?

    • Customer “pledges” an item, such as a gold ring for a set period of time, usually six months
    • Pawnbroker gives 50% to 60% of the item’s value as a cash loan
    • Customer pays 7% to 8% interest every month
    • An item can be redeemed during the loan period by paying back the original loan and any interest up to that point
    • If the customer cannot repay the loan at the end of the deal the pawnbroker sells the item and returns any surplus to the customer

    More information is available from the National Pawnbrokers Association. Consumer advice on pawnbroking is available from Citizens Advice and the Money Advice Service


    This happiness may, of course, be short-lived. Failing to pay back the loan, and the interest charged on top, means saying goodbye to the valuable possessions.

    Even if the item is redeemed – and in most cases it is – then using a pawnbroker can be a relatively expensive way to borrow, says the Money Advice Service.

    “You can usually only borrow a percentage of the value of the item you want to pawn. So if, for example, you have some jewellery worth £200 you might only be able to borrow £100.”

    Interest is typically higher than a standard bank loan but normally less than a payday lender. But unlike those loans, anyone with a poor credit history can access pawnbroking services as long as they have an item to pledge.

    The Money Advice Service suggests people who want to pawn should shop around for the best deal, and also:

    • Choose a company that is a member of the National Pawnbrokers’ Association, which has a code of conduct for members
    • Ensure the company is regulated by the FCA
    • Understand the value of the item you are pawning
    • Be aware that a complaint can be raised with the lender and, if unresolved, to the Financial Ombudsman Service

    There were only 44 new cases dealt with by the Financial Ombudsman about pawnbroking in the last financial year – and only 30% were upheld in the complainants’ favour. In the three months from April, fewer than 30 cases were recorded, registered as a blank on the ombudsman’s latest data.

    That suggests either a high level of satisfaction among customers or a lack of awareness of the ombudsman – or both.

    It certainly compares favourably to the wider consumer credit market, which saw complaints rise by 89% in the year to April, following a 40% rise in the year before that.

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    The industry has a rich history, as this image of a Georgian pawnbroker shows

    Complaints have not mushroomed but nor has the industry. While the unsecured credit market – including overdrafts and credit cards – has grown rapidly in the last few years, prompting fears about a consumer debt bubble, the pawnbroking sector remains relatively niche.

    Just 4% of the adult population use a pawnbroker, according to Ray Perry, chief executive of the National Pawnbrokers’ Association (NPA).

    Customers are more likely to be women than men (it is a 60/40 split), aged 25 to 40-years-old and in a job.

    Stricter regulation has thinned the number of pawnbrokers. All businesses with a licence to offer credit to consumers have had to be reauthorised by the regulator – the Financial Conduct Authority. The process was long and intense, and many pulled out of the industry as a result.

    The NPA had more than 200 members beforehand, now it has 150. The combined loan book of their 1,200 retail stores is £700m, having peaked at about £850m, although the falling price of gold has played a part in this reduction.

    E-pawn

    Nathan Finch also points to challenges facing the industry from the new technology and convenience used by money-lending competitors.

    “A lot of young people do not want to bring in an item. A lot of business and financing is done on apps nowadays.

    “Pawnbrokers are developing technology to be able to try to keep up with that. The initial deposit of the item will always be physical, but the way in which we can transfer money and communicate with customers is modernising.

    “I think we shall compete with lenders for another 3,000 years.”

    He says “another” 3,000 years, because the history of pawnbroking stretches back three millennia.

    The Chinese were pawning their goods back then for shipbuilding, the cost of war, and exploration.

    Modern pawnbroking began in northern Italy in the middle ages, with the split of the Medici and their family crest between the bankers and the pawnbrokers, with the latter taking the three balls sign – a symbol that survives to this day.

  • One in 10 adults owns second home, says think tank

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    The number of landlords has risen significantly since 2002

    As many as 5.2 million UK adults – or one in 10 – have bought or inherited a second home, according to research.

    Think tank the Resolution Foundation said the number of multiple home owners grew by 30% between 2002 and 2014.

    That figure includes buy-to-let landlords – counted as one owner even if they have multiple properties – as well as those who own separate properties to live in themselves.

    At the other end of the scale, four in 10 adults own no property at all.

    The foundation said the number of people without property had also risen over the 12-year period.

    As a result, the study concluded that there was a growing gap between those who have property wealth and those who do not.

    The government is already ploughing £60m a year into rural and coastal communities that are most affected by second home ownership, such as Cornwall and Cumbria.

    The money – raised from the Stamp Duty surcharge – supports first-time buyers.

    Baby boomers

    Those most likely to own a second home are baby-boomers, currently aged between 52 and 71. They also typically live in the south of England.

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    Cornwall has many second-home owners

    “Contrary to the popular narrative, these second-home owners are rarely your typical middle-income worker shoring up savings, or ordinary retirees boosting pension income,” said Laura Gardiner, senior policy analyst at the Resolution Foundation.

    “They tend to be baby boomers who are very wealthy indeed relative to their peers, living in the south and east of England.”

    Those born since 1981 own just 3% of second homes, according to the report.

    Stamp duty

    Since April 2016 those buying second homes have been subject to higher rates of Stamp Duty in England and Wales, and higher Land and Buildings Transaction Tax (LBTT) in Scotland.

    In addition, landlords are no longer able to claim tax relief on all their mortgage payments. This change is being phased in between April 2017 and 2020.

    It is not yet known to what extent such changes have led landlords to sell up.

    Despite those clamp-downs, the Resolution Foundation would like the government to do more to end the property wealth gap.

    “Policy makers should consider what more can be done to ensure that home ownership doesn’t become the preserve of the wealthy for generations to come,” said Ms Gardiner.

  • McDonald’s could face first UK strikes

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    Global fast-food giant McDonald’s could face its first UK worker strikes

    Fast-food company McDonald’s could face its first staff strike in the UK, after workers at two stores backed a call for industrial action.

    Employees at McDonald’s restaurants in Cambridge and Crayford, near London, voted overwhelmingly for a strike.

    The Bakers, Food and Allied Workers Union (BFAWU) said staff wanted secure working hours and a £10 per hour wage.

    A spokesman for McDonald’s said the fast-food company “works hard to ensure teams are treated fairly”.

    “We can confirm that, following a ballot process, the BFAWU have indicated that a small number of our employees representing less that 0.01% of our workforce are intending to strike in two of our restaurants.”

    “As per the terms of the ballot, the dispute is solely related to our internal grievance procedures.”

    Rebecca Long-Bailey, Labour’s Shadow Secretary for Business, Environment and Industrial Strategy, said: “The strike at McDonald’s is motivated by working people coming together to fight for decent pay and working conditions.”

    The company in April announced that staff would be offered a choice of flexible or fixed contracts with minimum guaranteed hours.

    McDonald’s, employs around 85,000 staff in the UK and one million worldwide.