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Measuring Your Businesses Success

Jason KumpfMarch 14, 20210

Many managers and owners spend a huge part of their lives involved in their business. But at the end of the day, how do you measure success? There is no one-size-fits-all answer, but here are some metrics to think about. Profit The primary goal for a business is to make money. A business will go under if it’s unprofitable for long enough. However, increasing short-term profits at the expense of the long term might not be smart. For example, cutting necessary capital expenditures like new equipment might increase profit. Or loading up on debt might seem attractive. In the long run, both decisions could have a negative impact. Worth A similar number you can look at is the balance sheet, which is assets minus liabilities. By focusing on increasing your company’s worth, you migh

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Importance of a Positive Customer Experience Strategy

Jason KumpfMarch 11, 20210

When you start a business, you focus on the quality of products, yet in a global market, the modern consumer can find similar products from numerous companies. What you need to be competitive and successful is a positive customer experience that is unparalleled in your market space. Why the Customer Experience Matters Most Have you ever walked into a store to buy an item that you really wanted only to have an unpleasant experience? Chances are that you decided not to return to that store. Whether it's the store, staff, or crowds' appearance, there are many reasons beyond product quality that make people choose to go elsewhere. It's the experience with the business that matters most. The customer experience begins when people first arrive or become aware of your company, and

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Why are KPIs Essential to Business?

Jason KumpfFebruary 18, 20210

Business leaders are responsible for managing teams across multiple departments within the company. Marketing leads, sales goals, and other profit margins must be established or maintained. Without Key Performance Indicators (KPIs), evaluating progress is nearly impossible. KPIs Are Quantifiable Key Performance Indicators are essential because they provide measurable data. Success depends on the ability to monitor priority metrics consistently. People managers will find it difficult to lead staff without first establishing measurable goals. Likewise, employee evaluations must include quantifiable statistics. Managers and leaders can only effectively coach to data that has been recorded, delivered, and compared to other relevant statistics. Learning vs. Doing Learning tools are

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How to Work on Employee Goal-Setting

Jason KumpfFebruary 15, 20210

Goal setting gives employees a focus while enabling them to meet consistent production targets. Achieving goals can provide confidence and motivation for employees. Knowing how to work with employees to identify and reach goals can be difficult for managers. These are ways managers can successfully engage in employee goal-setting. Goal Identification The first step to goal-setting with employees is to identify the right goals. Employee goals can consist of both performance and development goals. Performance goals relate to company set targets, such as a sales goal. Alternatively, professional development goals focus on obtaining particular skills to improve their career prospects. Both of these have benefits, and managers should make them in mutual consultation with their e

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Going Global: International Marketing Tips for Expanding Your Business

Jason KumpfJanuary 18, 20210

The world is currently undergoing a massive round of globalization. Not only is there a mass movement of people, but businesses are expanding abroad. There could be market opportunities for your business. However, many grandiose international expansions have flopped, so take heed. There are quite a few details one should pay attention to. Localization Does Not Mean Just Translation The Detroit automakers are guilty of just this. A few decades ago, they debuted a car that drove on the wrong side of the road in Japan. Also, they named a car whose name translated to an expletive in Brazil. Therefore, it’s no surprise that Detroit’s big three haven’t done well in these markets. Localization means knowing the culture and knowing the nuances. To prevent an embarrassm

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Generating Solid Leads for your Business

Jason KumpfJanuary 15, 20210

Continuously growing your business relies on your ability to generate leads that will culminate in increasing sales. However, most business owners find that one strategy worked well in the past, so they stick to that type of lead generation even when their business' growth has stagnated. Here are a few ways you can mix things up and generate new leads more consistently. Share Content on Social Media You should be consistently generating new content via blog posts on your website. The posts should be unique, fresh, and engaging to encourage return visits. When you share links to these posts on your social media pages, be sure to tease the post in a way that will make your followers eager to read more. You can generate solid leads by adding a strong call to action in each soc

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Company Benefits That Attract New Hires

Jason KumpfDecember 21, 20200

The key to any successful business are the employees who help run the company. This is why it is the key to recruiting new hires who are skilled in what they do, and that are able to to help the business thrive. Benefits play a tremendous role in attracting future applicants to apply for positions. When a company offers a strong benefits package, you are far more likely to attract qualified applicants. The following are several benefits that are a surefire way to attract those new hires. Perhaps the greatest benefit that attracts new hires in the job market today is medical and dental insurance. In fact, most job recruiters say that this is the biggest added benefit that job seekers are looking for. Without offering this perk, it will be difficult to find dependable new hires

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The Importance of Knowing Your Competition in Business

Jason KumpfDecember 19, 20200

In business, it's as important to know who your competitors are as much as who your target audience is. By knowing who the big and small players are in your respective niche, you can avoid pitfalls that they've experienced in the past, whether it's a product flopping or a PR strategy that turned into a nightmare. Here are five other reasons why you'd want to know who you are competing against: Predict Future Market Trends Knowing who the legacy providers are in your market can give you a better sense of where the market is heading X years from now. Legacy providers are, essentially, companies that have been around for decades. How they adapt to changing customer behaviors and newly enforced regulations can shed light on where the industry, as a whole, is moving towards.

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Why Customer Loyalty Programs are Important

Jason KumpfNovember 18, 20200

Customer loyalty programs have become increasingly popular over the years so much so that it is an expected part of the consumer experience today. The benefits that companies reap from these kinds of programs are numerous. Not only does it help improve the business, but it allows the customers to feel equally valued. The following are just a few reasons why customer loyalty programs are so important. With a loyalty program implemented into the company, there is higher customer retention that helps to boost the profits for the business. Consumers are far more likely to spend more money when there is a loyalty program involved. This is a successful way to boost revenue for the organization. Customers will always spend more when they feel they have something to get out of it.

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Great Ways to Show Employees That They’re Valued

Jason KumpfNovember 18, 20200

Keeping your employees happy isn't always about giving them more money. Sometimes, the workplace environment is as valuable to workers as their rate of pay. Here are a few ways to help your employees feel more valued without having to overextend your budget. Ask for Suggestions If you're unsure about where to start, you can ask your employees for input. They will likely have plenty of ideas for improving the workplace culture. While some will be bad or implausible suggestions, other ideas will be worth trying out. By using their suggestions, you can help your employees feel more involved in the organization. Getting input in this way will help boost company pride along with employee morale. Offer Encouragement One of the most effective ways of showing your e