Additionally, unanswered calls can create a poor customer service experience, damaging a business’s reputation, even if the customer eventually gets through to a representative. Investing in call management solutions increases customer service by helping small businesses ensure their phone systems are optimized to handle incoming calls.

What Causes Missed Calls for Businesses?

There are many reasons why businesses miss calls, including a lack of availability, busy staff, and inadequate phone systems. Low or no network coverage, an active Do Not Disturb (DND) feature, blocked phone numbers, and malware issues can also cause missed calls. 

Additionally, some businesses may not prioritize customer service, leading to unanswered calls. Poor customer service can harm a business’s reputation by resulting in customer complaints. Employees juggling high call volumes may cut corners resulting in poor customer interactions. 

Companies also miss calls when there are no modern phone features, such as voicemail messages, multiple extensions, call queues, and virtual phone options. If employees do not check their voicemail regularly or provide alternate contact numbers, missed calls lead to missed opportunities and lost revenue.

Voice Artificial Intelligence (AI) tools like the Smart Receptionist feature from Onvego can solve many problems by engaging customers using conversational voice intelligence. Instead of a customer going to an employee’s voicemail or not being answered, Smart Receptionist will engage the customer and provide them with predefined solutions based on a business’s operations. 

Benefits of Answered Business Calls

Answering business calls timely helps a business remain profitable. It creates a positive impression and builds customer loyalty. Implementing an answering service can help businesses ensure their customers receive the best possible service.

Better Customer Service

In many industries, customers have their first interaction with a business by phone. As employees answer business calls, they must be consistent in how the calls are answered. A positive greeting such as “Hello” or “Good Morning” should be used, followed by the name of the person answering the call and the name of the business. 

Small businesses may feel conversational voice AI tools cannot capture the type of customer service responsiveness a human can. However, Voice AI tools are equipped to listen and respond to customers and provide real-life resolutions based on the interaction. 

AI reception tools help create a professional impression that makes customers feel valued. Missed calls alienate customers and can cost small companies revenue.  

Higher Sales

Answered business calls are essential for increasing sales and revenue. Customers are more likely to complete a sale with a phone representative than online. A study by SalesForce revealed 92% of all customer interactions occur over the phone. This demonstrates the role phone calls play in driving revenue regardless of industry. 

Businesses can partner with a live answering service to ensure that calls are answer, and leads are not missed. This will ensure that no sales opportunities are missed when staff is unavailable. Additionally, an answering service can filter and prioritize calls in line with business needs, taking unreachable messages, blocking unwanted sales calls, and connecting interested parties only when needed.

Improved Reputation

Answered business calls are an important part of maintaining a good reputation for your small business. By taking the time to answer calls promptly and courteously, you can ensure that customers have a positive experience when they contact your business. This will help build customer trust and loyalty, increasing sales and retention.

Managing Call Volume and Avoiding Missed Calls with Voice AI

Voice AI integration helps businesses provide customers with a more personalized experience while also reducing the amount of time it takes to resolve customer issues. 

Voice AI can be used to identify caller intention and route them more efficiently. This provides them with greater personalization and makes the customer feel that their issue is being addressed. 

Small businesses can customize a Voice AI integration to meet their business objectives such as booking appointments and collecting payments. Some small businesses cannot afford to shuffle multiple employees in a receptionist role. Onvego’s Smart Receptionist AI integration allows offices to put phones on auto-pilot without leading to missed customer calls.

Keeping Up With High Call Volume

A high call volume will lead to miss calls and sales opportunities. Many things can cause a high call volume, such as inadequate staffing and poor management planning for busy seasons.

When clients struggle with a large number of incoming calls, help clients avoid missed calls by offering the Smart Receptionist by Onvego. The AI technology Onvego Smart Receptionist answers calls and conducts intelligent conversions with customers to help assist them with their concern. It also features spam blocking technology so teams won’t return to the office the next day to unwanted contacts that lead to wasted time and lost productivity.

Calls After Business Hours

Businesses can avoid missed opportunities by implementing after-hour receptionist services. A voicemail system won’t be enough to ensure customer calls are returned which also leads to missed sales opportunities.

Onvego Smart Receptionist service is a great solution for small businesses who do not have the staffing to manage after business hours calls. It integrates easily with a business’ existing cloud or VOIP telephone set up. This makes it a great add-on selling feature to offer small businesses.

Resolve the Impact of Missed Calls on Your Business

As businesses grow, business communication increases as well. Customers want to reach businesses on their first try. Small businesses can avoid unanswered calls by using Onvego SRaaS system. 

See what Onvego SRaaS System can do for your small business clients. It has a suite of options that are fully customizable for many industries. Get started by requesting a free demo. 

The post The Impact of Missed Calls on a Small Business appeared first on Jay Tripp Consulting.

The internet has changed how companies do business and how consumers purchase products. Business CRMs organize data about customers in a centralized location, usually accessible through the internet.

It collects and organizes data businesses use to improve customer service, increase sales, and build customer relationships. With the help of CRM, companies can target their current customers more effectively and generate leads more efficiently.

What Is CRM Software & How Does It Work?

Business CRMs manage customer data and interactions. It helps businesses better organize and access customer data, track customer interactions, and share this information with colleagues.

CRM software is becoming increasingly important for companies to build relationships with customers and prospects and help the business to grow.

In 2023, CRM software will be more powerful than ever before. It will be centralized and empowered by Artificial Intelligence (AI) and mobile integrations, allowing businesses to provide highly personalized customer experiences.

AI technologies can evaluate customer needs, predict pain points, and analyze customer data, location, interests, and more.

CRM software collects customer data from various sources, such as customer surveys, website visits, and social media interactions. This data is then stored in a central database to create customer profiles.

The profiles then track customer interactions and provide insights into customer behavior. You can use this data to create targeted marketing campaigns, personalize customer service, and improve customer experience.

Why Should You Invest in CRM Software?

Investing in CRM software is a great way to improve customer relationships, increase sales, and better understand customer needs.

CRM software can benefit your small business by organizing contacts into one location and tracking how these contacts interact with the business.

One of the main benefits of CRM software is that it helps manage customer relationships. Customers can communicate with a business through CRM platforms through email or chat. Business CRMs are capable of responding to these interactions using AI technology. 

Another benefit of CRM software is improved customer service and loyalty. It allows companies to track all customer interactions, learn from the data, and adopt a more personalized approach to future conversations and sales opportunities.

This information saves your employees time and streamlines the sales-to-order process.

CRM software can also help increase sales. It helps streamline the sales process, build a sales pipeline, automate key tasks, and analyze your sales data. Process improvement is a key benefit of CRM tools.

Using CRM software can also help you better understand your customer’s needs.

It allows you to track customer interactions and identify sales opportunities, record service issues, manage marketing campaigns in one central location — and make information about every customer interaction available to anyone at your company who might need it.

Anticipating customer needs becomes easier and provides a better customer experience.

How Can You Choose the Right CRM Solution?

Choosing the right CRM solution for your business can be a daunting task. With over 1000 CRM solutions available, it is important to have a list of requirements before you begin and understand what challenges you are looking to solve with the CRM.

Many CRMs come with a free three or four-week trial to ensure the implementation process is quick and easy. This period will help you understand if the CRM system meets your requirements.

Identify Your Goals

When choosing a CRM solution, there are several key steps to consider. Firstly, identify your business goals.

You must clearly define business objectives and understand why your business needs a CRM solution. Your goals include increasing sales, tracking and improving sales productivity, and customer retention.

Evaluate Features

Evaluate key features. Choosing a CRM that understands how they communicate is best. It should also be quickly configured. Data that you use should be easy to import and export without needing extra work or training.

Consider Support and Integrations

Consider support and integrations. One of the most important factors for a CRM solution is customer support. It is common to encounter glitches while using a CRM, so you need to ensure that the vendor has a good customer service team that is quick to respond and provide help.

Research Pricing

CRM software prices are related to how many features and users you need. If you’re a small business, you’ll have plans starting start from $12 to $20 per user per month. If you need advanced packages, you’ll pay between $50 and $150 (per month/per user). The greatest expense is for CRMs that cost $300 or more per month per user.

8 Best CRM Software Programs

Here are the top CRM software programs that best benefit small business owners.

1. Zoho CRM: Best for Startups

Zoho CRM is a CRM system that helps businesses manage their sales, marketing, and customer support activities. It offers many features to help businesses streamline their processes, policies, and people in one platform.

Main Features

• Salesforce automation
• Canvas Design Studio
• Process management
• Journey orchestration
• Omnichannel
• Analytics
• Sales enablement
• Performance management
• Predictive sales
• Customization
• Marketing automation
• Team collaboration
• Remote work
• Mobile apps
• Security
• Developer Platform.

Pros

• Quick and easy setup
• Great analytics and reporting
• User-friendly interface
• Fast and seamless integration options
• End-to-end customer engagement
• Contextual communication
• Effortless team management
• Workflows and custom fields

Cons

• Tutorials needing improvement
• Limited features for low-tier users
• Limited app integration options on lower plans

Pricing Structure

The pricing structure for Zoho CRM depends on the plan chosen. The Professional plan costs $35 per user per month on a monthly plan or $23 per user per month on an annual plan. The Standard plan costs $14 per user per month annually, while the Enterprise plan is $40 annually.

2. Breyta: Best for SaaS Companies

Breyta is a next-generation CRM platform that works for pre- and post-sales teams. The platform features one-click integrations that allow users to get a single view of their customer data. 

Features

• Conversation tracking
• Migration assistance
• Reports and dashboards
• Signal list
• Third-party integrations
• Onboarding assistance

Pros

• Customizations
• Variety in user bandwidth options
• Free Version 

Cons

• The annual pay discount is not competitive
• No in-depth solution offerings
• New startup with limited user reviews

Pricing Structure

Bretya offers an all-free tier for one user that provides limited CRM solutions and access to the Breyta CRM platform.

You can join an annually paid plan beginning with the Starter tier for $22.50/month. The Pro tier is $44.10/month, and the Premium tier is $89.10/month. Each plan is per user. The Premium plan has unlimited user seats, while the next step down, the Pro plan, caps at 25 seats. 

3. Monday.com: Best for Teams

Monday.com is a powerful team management software enabling teams to collaborate, communicate, and track project progress. Its key features make it ideal for project managers to manage sales funnels, new product launches, and customer retention initiatives.

Features

• Project data visualizations and dashboards
• Project Automation
• Deep and extensive integrations
• Customer support
• App Marketplace

Pros

• Ease of use
• Customization
• Time tracking
• Intuitive mobile app
• Integration capabilities

Cons

• Per-user pricing
• Difficulty tracking time and expenses
• The app is not streamlined and is limited
• Integration problems

Pricing Structure

Monday.com’s pricing starts from $0 monthly for two users and goes up based on your chosen plan and team size. The Basic plan is $10 per seat billed annually. They offer Standard and Pro plans priced at $14 and $24/per user, billed annually.

A monthly option is also available but not discounted, so the yearly plan is recommended to save 18%. Students and nonprofits can receive discounts on these plans.

4. Pipedrive: Best for Simplicity

Pipedrive is a CRM tool that helps sales teams keep track of leads. It allows users to create profiles for each prospect and track their interactions throughout the sales funnel. Any call, email, or SMS message gets logged to see each lead’s stage.

Features

• Customizable email campaigns
• Task automation
• Contact data collection
• Webhooks
• Open API
• AI-powered sales assistant
• Customizable pipelines
• Centralized communication
• Lead generation, qualification, and prioritization
• Pipedrive integrates with over 300 tools

Pros

• Simplicity and functionality without losing power
• Ease of setup and use
• Closer communication and customer management
• Chatbot, call, and email solutions

Cons

• Limited open deals and custom fields per company on lower plans
• Customer service and support issues

Pricing Structure

Pipedrive has four tiers of pricing plans: Essential, Advanced, Professional, and Enterprise. The Essential plan is $14.90 per user per month, payable annually, and contains tools that you need to get started with a sales CRM.

The Advanced plan is $24.90 per month per user, payable annually. The Professional plan is $49.90 per month per user, payable annually. The Enterprise plan is $99 per month per user, payable annually.

5. Salesforce CRM: Most Comprehensive CRM Platform

Salesforce CRM is a cloud-based customer relationship management used by several large organizations. It integrates with many well-known accounting systems to help businesses streamline their billing processes from new orders.

Features

• Contact management
• Customer engagement tools
• Workflow creation
• Task management
• Opportunity tracking
• Collaboration tools
• Analytics
• Intuitive, mobile-ready dashboard

Pros

• Customization
• Cloud-based functionality
• Technical and training support
• Overall cost and pricing

Cons

• Affordability
• Hidden fees for third-party tool integrations
• Requires an internet connection to use
• No control over downtowns and periodic maintenance schedules

Pricing Structure

The pricing structure for Salesforce CRM starts at $25 (per month/per user). You’ll pay $100 monthly for using the Salesforce CRM if you have four users. Additionally, Salesforce offers a pricing tool called CPQ (Configure, Price, Quote Software). This tool lets you use accurate prices regardless of your configuration.

6. Zendesk Sell: Best for Customer Support

Zendesk is a well-known cloud-based CRM software businesses use to optimize their sales funnel.

Zendesk is customer-centric as it offers a variety of customer service solutions for businesses to improve their customer experience. It is designed to help sales teams reach their goals and increase productivity.

Features

• Email automation and tracking
• Custom dashboards and lead scoring
• Sales force automation
• Marketing automation
• Customer support
• Mobile and social, reporting and analytics
• Community forums
• Ticketing system

Pros

• All-in-one lead generation and customer service platform
• Chat, phone, email, and social media all in one place
• Customization options
• Reporting and analytics
• Integration with third-party applications and systems
• Supports multiple languages

Cons

• Cost per agent being higher than its top competitor
• Customer service access is limited
• Call quality issues
• No international numbers

Pricing Structure

The pricing structure for Zendesk Sell includes the Sell Team plan, which is $19/month, the Sell Growth plan, which is $49/month, and the Professional plan, which is $99/month. These are billed annually per user. There is also an Enterprise option for $150 per user per month.

7. Insightly: Best for Project Management

Insightly is a customer relationship management (CRM) software designed to help businesses of all sizes manage their contacts, opportunities, projects, and tasks. It provides a comprehensive set of features that enable users to track leads, create reports, and automate processes.

Features

• Contact and account management
• Opportunity and pipeline management
• Task and activity management
• Desktop integration
• Customer contract management
• Integration with email clients such as Outlook or Gmail

Pros

• General Usability
• Mobile support
• Robust mobile app
• File sharing
• MailChimp integration

Cons

• Slow platform
• Limited file storage space

Pricing Structure

Insightly offers three types of account plans. Start with their Plus plan for $29 per user per month annually. Their most popular, Professional plan bills $49 per user per month annually. Businesses with high volume can opt for their Enterprise tier for $99 per user per month, billed annually. 

8. Freshsales: Best for Lead Management

Features

• Salesforce automation
• Contact & account management
• Opportunity & pipeline management
• Task/Activity management
• Dashboards
• Unified customer record
• Workflows
• Sales sequences
• Deal management
• Chat campaigns

Pros

• Ease of use
• Free plan option
• App integration
• Simplified reporting

Cons

• Software taking longer to load with heavily loaded databases
• Fewer third-party integrations
• Reports not available in the free plan version

Pricing Structure

The pricing structure of Freshsales consists of three plans: Growth at $15.00 per user per month, Pro at $39.00 per user per month, and Enterprise at $69.00 per user per month. There is also a forever-free plan with zero limits on the number of users. 

Final Thoughts

The best CRM software for small businesses in 2023 will be the one that best meets the unique needs of your business.

With the ever-changing technology landscape, it is important to research different CRM software options and ensure that your chosen software fits your current plans. When selecting the right CRM software, consider security features, scalability, and integration capabilities.

Business CRMs can help you retain customers and stay in the know about how they interact with the business. They also help you identify areas to improve processes to streamline the sales-to-order process.

The post Best CRM Software for Small Businesses in 2023 appeared first on Jay Tripp Consulting.

The common feature of bulk SMS service providers is a dedicated phone number that customers would text a keyword to engage the business. The service allows two-way texting, which is usually free. 

Some important features include unlimited phone numbers, unlimited keywords, customizable numbers, and automation for sending SMS messages. This comprehensive guide compares these features to determine the top bulk SMS service providers available. 

Expert Advice

When you choose a virtual mailbox, you’re deciding that you’ll have to live with it for a long time. To change providers, you’d have to update your clients, your bank, the IRS, any vendors you have, and more. You must take your time to pick a high-quality service that meets your needs rather than just the cheapest offer available.

1. Eztexting

EZtexting is a bulk SMS service allowing businesses to contact their mobile customer base in one move. Business owners can send up to five marketing SMS messages monthly, and artificial intelligence communicates with customers in a text thread. Eztexting guides customers to take action on deals and coupon notices.

The SMS API platform integration makes EZtexting dynamic for business owners. They can use their existing sales portals and ERP (enterprise resource planning) system to launch campaigns and keep track of conversions. 

Features

• It provides the option to send recurring messages
• It gives you the ability to set up polls
• The app allows you to customize messages based on a customer’s profile
• You can conduct drip campaigns
• The automatic marketing features include replies to customers when they reply, URL shortening, and transactional SMS.

Link: https://www.eztexting.com/ 

2. Podium

Podium is a messaging service that allows businesses to communicate with their customers through SMS text messages. Customers can opt-in to receive messages from businesses, and you as a business can use Podium to send one-way or two-way messages. 

Podium also offers several features that you can use to automate your communication with customers, including automated responses, message templates, and bulk messaging. It also provides access to take payments of all types using the platform. 

Features

• The app offers custom messaging templates, call-to-text, and a chat widget for websites.
• It includes a customer database
• Higher tiers offer integration and automation
• Offers analytics features where teams can manage communication coming in from customers. 
• The SMS marketing features are vast. They include segmentation capabilities and text marketing campaigning. 

Link: https://www.podium.com/ 

3. Simpletexting

Simpletexting is a messaging service that allows you to send and receive text messages to customers or among a team. It ranks among other bulk SMS service providers for integration into CRMs and email applications. 

Simpletexting offers five tiers. Each of them provides a quota for the number of monthly messages. You can get a dedicated account manager with their enterprise service for those sending more than 50,000 messages monthly.

Features

• It includes a web-based interface and a mobile app and offers group messaging, contact management, and analytics features. 
• Users get unlimited incoming SMS messages and a free dedicated phone number.
• Keywords can be used to create SMS marketing campaigns. Shortcodes are included in each plan. 
• Higher plans feature advanced integration capabilities with over 400 apps. 
• Customers can opt-in to texting online. Simpletexting uses a sliding scale to determine the pricing based on the client’s required credits. 

Link: https://simpletexting.com/ 

4. Twilio

Twilio offers a cloud communications platform for bulk SMS services. It allows software developers to make and receive phone calls with ease and perform other communication duties using its web tools.

Twilio is highly customizable and is an ideal solution for web developers and businesses who wish to have seamless integration with their existing website and CRM program.

Features

• Developers can build one or two-way messaging campaigns
• It has a unique pricing structure is at a per-message rate according to volume. Users can also select a volume plan that provides an allotment of messages per month at a flat rate.
• You can create shortcodes for customers.
• Customers can be supported through other channels outside of SMS, such as voice, video, and email. 

Link: https://www.twilio.com/ 

5. Text Magic

Text Magic is a bulk SMS service provider focusing solely on managing mass SMS text messages for businesses. This platform allows you to send and receive customer text messages in a one-way or two-way campaign setup.

This tool is known for its setup. You can begin sending messages within minutes of setup. It offers a prepaid pricing structure that gives you control of all the costs. The platform is simple and allows you to communicate with customers online or in the app.

Features

• It integrates with over 5000 apps and is a dynamic bulk SMS service provider. 
• You can upload existing contact lists through their app or online.
• It provides free toll-free numbers. 
• Businesses can reply to customers at no charge. The app sends notifications to customer service teams to promote timely customer engagement.

Link: https://www.textmagic.com/ 

6. Slick Text

Slick Text has the best of both words of simplicity and capability. You can set up accounts easily using Slick Text’s online guides. Slick Text is popular with large organizations such as FedEx and Lyft.

This bulk SMS service provider has several pricing tiers that begin with a 14-day free trial. Tier pricing is based on the volume of texts to be sent monthly. All plans come with unlimited contacts and free incoming messaging.

Features

• It allows users to build campaigns to send text messages to contacts.
• You can specialize in campaigns such as birthdays or collecting survey answers. These can also be automated with automation tools.
• You can embed Slick Text on your website to pop up questions and capture customer information. 
• It offers MMS messaging, text-to-landline, and opt-in services.
• It has an autoresponder feature, which keeps customers in the know. 

Link: https://www.slicktext.com/ 

7. Textedly

Textedly bulk SMS platform is simple and a good choice for small businesses. You can manage message campaigns and user analytics from its clean web interface. Textedly is used by well-known businesses such as Walmart and Godaddy.

It has a simple platform can be managed on the web or through an app. You can initiate campaigns conveniently from your phone. Campaigns can capture an unlimited number of new subscribers.

Features

• It offers a variety of pricing tiers based on volume needs
• Businesses using Textedly benefit from free incoming messages and up to 300 characters in a message. 
• It offers a dedicated toll-free phone number.
• As customers reply to text messages, the platform’s AI intuitively creates a conversation with them.

Link: https://www.textedly.com/ 

8. Sendinblue

Sendinblue is a digital marketing platform that not only has bulk SMS messaging but it also has other mass marketing features. They specialize as an all-in-one location for businesses to manage digital marketing. 

The expansive services from Sendinblue include CRM integration, email marketing, and chat integration. Sendinblue is all-encompassing. It also manages email and social media marketing campaigns. 

Features

• It offers automation, targeted messaging, and the ability to capture customer information.
• Additional features beyond bulk SMS messaging include integration into other apps and CRMs. 
• You can run reports using real-time reporting. Reports can also be scheduled and sent to you by email.
• You can test multiple campaign versions to determine which is more effective.

Link: https://www.sendinblue.com/ 

9. Messagebird

Messagebird is a cloud-based customer communication platform that enables businesses to send and receive SMS, chat, and voice messages. This platform provides tools for managing customer interactions, including a visual flow builder, contact management, and analytics. 

Messagebird also offers several integrations with third-party applications like Salesforce, Zendesk, and Twilio. The set up is simple. It has online tutorials and quick reference guides. 

Features

• It features automated bulk SMS texting that categories can segment
• You can also set up messaging workflows to manage communications with customers. 
• The email-to-SMS setup allows you to create and send customers messages via text easily. Y
• It organizes messages in a single inbox where customer service representatives can manage communications from customers. 

Link: https://www.messagebird.com/en/ 

10. Sakari 

Sakari is a cloud-based messaging service that helps you manage customer interactions across SMS, chat, and email. It offers features that help you automate customer interactions, including message templates, auto-responses, and contact management.

The service includes features that allow businesses to send and receive bulk SMS messages, track customer engagement, and manage lists. SMS marketing services are designed to keep track of customer engagement.

Features

• Includes a drag-and-drop interface for creating and sending messages and templates for common message types such as appointment reminders, shipping notifications, etc.
• You can create your message or select from a library of pre-approved message content.
• It supports integrations with popular CRM and eCommerce platforms
• It gives users an easy-to-use campaign management platform for scheduling campaigns.

Link: https://sakari.io/ 

11. Trumpia

Trumpia allows you to send text, email, and voice messages to large groups of people at once. You can schedule texting campaigns to send reminders. It also offers several features for managing contacts and tracking results.

Its different pricing tiers are based on usage. There is an enterprise plan for high-volume users, which also includes direct technical support. You can also get pre-pay plans if you want to control costs.

Features

• It features unlimited contacts, groups, and messages.
• You can customize messages with pictures or send mass text messaging with a survey attached.
• It includes drip campaigns with the ability to automate and set schedules. 
• You can measure the effectiveness of campaigns with Trumpia’s analytics reports. The tool will track and categorize customer information based on their responses. 

Link: https://www.trumpia.com/ 

FAQs

If you are still unsure which service to choose, here are the most commonly asked questions regarding bulk SMS service providers.

1. What are the best bulk SMS service providers?

There are many bulk SMS service providers, but the best ones offer a reliable service with a user-friendly interface. Some of the best text message providers include those that are easy to use. Many are also compatible with various apps, so you can easily fully manage your marketing campaign. 

These are the best five bulk SMS tools:

1. Eztexting
2. Podium
3. Simpletexting
4. Twilio
5. Text Magic

2. How to send mass text messages from a computer?

A bulk SMS service is a way to send mass text messages from a computer. Bulk SMS services allow one to send text messages to large groups of people at once. Some of these services even allow scheduling text messages to be sent.

3. How to select the best bulk SMS provider?

Easy to Use: A good bulk SMS provider has a simple interface that makes it easy to use and set up campaigns. 

Pricing: Pricing is hard to pinpoint. You want it to be fair, but there are so many different models (monthly subscriptions vs. per-text rates) that comparison is challenging.

Customer Support: Support has to be fast and reliable. The more available the support, the better and more competitive the tool is.

Features and Functionality: Not all mass-texting software is made equal. You want one with the most features, like WebSMS, email-to-SMS, global reach, and inbound SMS. 

Additionally, the best tools have integrated customer support if you encounter any problems or have questions about the service.

Some features are more essential or beneficial than others (and this will partly depend on your marketing needs). Free two-way messaging is ideal for keeping customers engaged. An added feature for the best bulk SMS service provider is an app alongside a web portal to run analytics quickly. Integration with other apps is crucial for some businesses.

Of course, the pricing is also important to consider.

The post Which Is the Best Bulk SMS Service Provider? appeared first on Jay Tripp Consulting.

Reduced Overhead

Entrepreneurs dream of the sign they’ll hang at the physical office from which they plan to run their business. An office building is an essential overhead expense that a business owner cannot prevent. Some businesses don’t require physical office space; these businesses can be operated from a home office to save money.

Those savings can jeopardize your business. Working remotely from your home saves money, but a virtual office is the most cost-effective and gives added benefits. With a virtual office, you can rent office space as needed. Perhaps you operate a seasonal business. A virtual office removes weeks and months of office renting from your overhead.

The Professional Image

Businesses that get a virtual office will have a professional address for their business. If you use your home address as your business address, customers may not see your business as authoritative in the market. The benefits of a virtual office address also include mail support, access to office supplies and equipment, and receptionist support.

A business must be registered with a physical address. Virtual office addresses are physical addresses tied to a traditional office building. There are no PO boxes to manage. Your image as a new small business is essential. Use a virtual office address to get present the professional image your business deserves.

Start Up in Multiple Markets

The tremendous flexibility of having a virtual office address is the ability to test multiple markets. Startups must conduct a lot of market research. Lack of presence in a market makes it hard to test products and services.

Although you may be working from home with your small business, you can also have virtual offices set up in multiple locations. Use this to segment your market and improve productivity.

Build a Team

A successful launch requires a strong team. Virtual offices not only allow you to expand your consumer market but also allows you to attract talent from any location. Hire workers in the city of your virtual office. They can have the option to work from home or to go into the office building and use an office desk.

Your virtual office contract will determine how to use the spaces in the physical building. Conference rooms can be available for team gatherings or meetings with important customers. Even if your team is all online, a virtual office in the state of your employees helps with taxes and other regulatory benefits.

Start a Virtual Office in Surrey

Not only does a remote office offers a professional image for your business, but there are many benefits to consider. Co-working spaces provide access to the internet, private offices, and office equipment. office buildings have cutting-edge technology. Virtual office agreements include access to these same benefits.

• No Lease Commitments
• Access to Technology and Business Services
• Physical Address
• Mail Forwarding and Package Service
• A receptionist to Greet Clients

Don’t wait until you are in business and making a profit to get office space for your startup. A virtual office gives you a professional address, a physical office building, and added professional services to support your startup.

We offer flexible terms without long-term commitments. Call or visit us today to learn about our business solutions. A virtual office address in Surrey is within reach.

The post Why Should Startups Have Virtual Office Space? appeared first on Jay Tripp Consulting.

Not only can it help you attract and retain top talent, but it can also bring many benefits to your organization. So, take advantage of it and ensure you manage your most important resource – your people – to ensure success.

Companies are investing more time and resources into productivity to gain human capital management strategies’ benefits. From increasing employee satisfaction to boosting retention rates, the advantages are numerous.

When employers understand what candidates need and which job opportunities will be the most attractive, they can ensure they find the perfect match and turn them into excellent employees.

On top of that, by knowing the best ways to motivate employees, organizations can ensure that their staff remains happy and loyal.

The Elements of Human Capital Management

Managing human capital requires a complex and comprehensive approach, requiring HR leaders to provide ample support to every facet of workforce management to guarantee success.

Recruitment

Scouting and interviewing the right talent for an organization is known as recruiting – or talent acquisition. This complex procedure consists of job postings, multiple interviews, teamwork, and generating job offers.

To ensure successful recruitment, recruiters must employ strategic approaches to attract applicants and invite them for interviews at the company.

Onboarding

As new hires are welcomed aboard, they enter the onboarding journey, a series of steps designed to initiate them into the company upon accepting the job offer. New employees uncover invaluable knowledge about the company, its policies, and procedures here.

This journey doesn’t end there, though – payroll and benefits administration is also included. Human resources teams guide new hires from the recruitment process to the training phase, setting out the expectations from the start.

Training

The key to successful human capital management is ensuring teams are adequately trained and developed. With the proper training, employees can reach their fullest potential and help to boost the company’s bottom line.

HR leaders must collaborate with department managers to ensure that training programs are executed as planned. Furthermore, it’s essential to encourage new employees to share their thoughts on the training process and use their feedback to identify areas of improvement.

Reporting and analytics

Gathering employee feedback is a great way to provide training and a valuable tool for gauging job satisfaction and getting a real-time feel for how employees view the company.

Companies can further capitalize on the information gathered by issuing annual surveys that explore the employee’s perception of the company’s leadership, outlook, and compensation.

Such reports help businesses develop strategies for employee retention, which is essential for promoting a healthy work environment and long-term growth.

Compliance

Navigating the world of employment regulations can be a minefield. Every US state has distinct labor laws that employers must be aware of to ensure their business is compliant. HR managers must know labor rights as they vary from state to state.

Furthermore, organizations must adhere to strict federal regulations such as HIPPA and OSHA. Employers need to be well-versed in labor laws to stay on the right side of the law.

HEALTH INSURANCE Portability and accountability act of 1996 (HIPPA)

In 1996, the federal government passed HIPPA to protect employees’ health information from being disclosed without their permission. To ensure its enforcement, organizations have adopted data cyber security protocols and are careful to maintain privacy and discretion regarding meetings and interviews with staff.

Occupational Safety and Health Administration (OSHA)

The Occupational Safety and Health Administration (OSHA) is a federal agency within the U.S. Department of Labor committed to protecting employees from potential workplace hazards by establishing and enforcing safety and health standards.

This essential component of Human Capital Management benefits employers, as OSHA can help reduce workplace injuries and illnesses, resulting in improved productivity, lower absenteeism, and heightened employee morale.

The Challenges of Effective Human Capital Management

Managing human capital certainly has complexities; you could be confronted with a multitude of roadblocks in the human capital management domain for your company. However, these can be overcome with an appropriate action plan and reliable procedures.

Recruiting and Retention

Attracting and retaining qualified personnel is a significant challenge for businesses. To draw in talent, they must remain competitive in salaries and benefits. Potential employees may ask for higher pay or other perks during solid job market conditions. Thus, HR professionals must design an effective recruitment strategy and have everyday procedures to keep their employees.

Performance Management

Performance management requires setting objectives, assessing performance regularly, and giving feedback. It can be a tricky job for managers who may not have the necessary skills or tools to evaluate and coach staff efficiently.

Establishing key performance indicators (KPIs) is integral for successful performance management. Each company should have KPIs to track performance levels at the top and bottom levels.

Without KPIs and an accountability system connected to them, employee performance management can become challenging.

Training and Development

Organizations should provide consistent training and development opportunities to keep employees abreast of recent industry trends and technologies. Although it may be costly and time-consuming, businesses must get the best value out of their investments.

Without proper training, morale can suffer, career advancement can be stifled, and staff turnover will increase. Nobody desires to stay in a job without any scope for growth – hence, it is essential to manage human capital to encourage employee development properly.

Diversity and Inclusion

Ensuring a diverse and inclusive workplace is a challenge for many organizations. To create an atmosphere where all staff feels respected and accepted, active steps must be taken to bring in and progress people from varied backgrounds.

Diversity is a far more comprehensive concept than in years gone by – employers need to consider incorporating it from the recruitment stage to post-employment. These are just a few aspects of diversity and inclusion to consider.

1. Disability
2. Race
3. Religion
4. Sexual Orientation
5. Gender

The federal government takes employee rights seriously and has implemented civil rights laws to protect them. Meanwhile, many states have established an Equal Employment Opportunity Council (EEOC) to promote diversity, inclusivity, and equitable treatment of staff in the workplace.

Compensation and Benefits

Organizations must stay competitive with their compensation and benefits packages to attract and retain qualified employees. This requires a thorough understanding of the market rate for each position and the budgeting of salaries and benefits.

Even with annual merit increases that depend on company performance, a focus on training and performance is essential for the organization’s profitability. You can see how these are interlinked.

How does HCM strategy address business needs?

Crafting an effective Human Capital Strategy produces highly satisfied employees who work harmoniously in a productive manner. This could result in superior customer and personnel acquisition and management.

Implementing human capital management into the workforce scheme yields significant advantages overall, not just on a surface level but also in terms of its correlation to other elements.

What are HCM solutions?

Human capital management software offers a variety of ways to organize employee data and processes through HR software, services, and integrated platforms, revolutionizing the human resources world. To manage human resource set of practices, HR Professionals use artificial intelligence and software as a service technology.

Automation and acceleration of processes provide greater flexibility and advantages for team members. The software can make human capital management more effective in the following areas:

• Benefits Administration
• Recruiting
• Performance Management
• Payroll and Compensation
• Planning and Compliance

What is human capital management software?

HCM software encompasses a variety of human resources applications that leverage technology from the cloud and mobile systems to manage data and generate reports. This service typically takes two different forms: best-of-breed and unified services.

Opting for the best-of-breed approach, you can buy the application you need from multiple providers, optimizing functionality but making the setup more complex due to the multiple contracts and users involved. Integrated solutions, on the other hand, enable you to acquire all your IT needs from a single supplier.

Is HCM a valuable strategy for small organizations?

Human capital management can play an essential role in cost-cutting for small businesses. However, HCM brings the most significant potential for increased productivity among teams of all sizes.

With a well-thought-out plan and a focus on maximizing employee numbers, even small businesses can be successful and attractive workplaces – something that even large corporations struggle to achieve.

To reap these rewards, businesses should take advantage of the powerful strategies available through HCM.

Human Capital Management is an Organizational Necessity

Investing in human capital management is vital to any successful organization. It aids in attracting and retaining top talent, encourages employee development, and maximizes overall performance.

Not only that, but it can also lead to greater productivity, reduced staff turnover, and a more significant competitive edge. Furthermore, it can save time and money by streamlining administrative duties and fostering a pleasant work atmosphere for personnel.

Optimizing human capital with human capital management software gives organizations a tremendous advantage in achieving their objectives. Streamline your HCM process with an intuitive and flexible platform to maximize your people’s potential and attain your goals.

The post Human Capital Management: The Ultimate Guide appeared first on Jay Tripp Consulting.

The accounting equation is foundational; businesses record transactions in their books.  It has not been long since accounting has morphed into a systemic process executed mainly by software and automation tools. Businesses didn’t begin using computers until the mid to late 20th century. Managing accounting was a balancing act before technology came and made it efficient.

What Is the Accounting Equation?

The accounting equation is so fundamental to accounting principles that it is the first concept taught in an entry-level accounting class. Every accounting principle builds on the accounting equation formula.

Quick and Easy Definition

The accounting equation is the fundamental equation of accounting that states that assets equal liabilities plus equity: assets = liabilities + shareholder’s equity. It is the foundation of a company’s balance sheet, one of the critical financial statements a business generates.

The accounting equation highlights a company’s profitability. In short, investors can determine how well or how poorly a business is performing by glancing at its balance sheet.

Alternative Names + Arrangements

Other names refer to this equation. The accounting equation is also called the accounting formula, balance sheet, fundamental accounting equation, or basic accounting equation.

The accounting equation is expressed as assets = liabilities + shareholder’s equity.

Still, it can also be written out as:

• Assets = Liabilities + Owner’s Capital – Owner’s Drawings + Revenues – Expenses,
• Owner’s equity = Assets – Liabilities, or
• Net Worth = Assets – Liabilities

All four of these versions reveal the same information.

An In-Depth Look into the Accounting Equation:

The accounting equation is the introduction to the double-entry bookkeeping system. The double-entry accounting system began in the late 15th century. It is a method for recording business transactions that reveal how they affect the business’s bottom line.

The double-entry bookkeeping system records transactions twice. While it sounds like this recording leads to overstating records, it balances the business. It also shows how all components of the equation are relational. All businesses do not use the double-entry accounting equation.

Some used single-entry accounting, where transactions are recorded once on the business bookkeeping system. This is an ideal setup for a business with a small number of transactions. 

Double Entry vs. Single Entry

Single-entry accounting is a great way to start bookkeeping, especially for a business with a limited number of transactions and doesn’t need much reporting beyond a standard profit and loss statement. This is the benefit of single-entry accounting.

However, most businesses need more accounting than single-entry can provide. Double-entry accounting records transactions in a way that also demonstrates how profitable a company is becoming. Investors are interested in a business’s cash flow compared to its liability, which are the debts and bills the company pays.

Single-entry accounting only shows expenses and sales but doesn’t establish how those transactions work together to determine profitability. In addition, errors are more likely to occur and be missed with single-entry accounting. Double-entry accounting provides checks and balances that catch clerical errors and fraud.

The Balance Sheet

The balance sheet is a financial statement that reflects the accounting equation formula. The balance sheet shows Assets in one section and liabilities and equity in another. The balance sheet breaks down assets and liabilities into categories or “accounts” and “subaccounts.” The balances and transactions in these accounts tell a story about how the business is performing financially. 

Breaking Down the Components of the Accounting Equation

Since the balance sheet is a direct reflection of the account equation in practice, the accounting equation breaks down into unique components.

Assets

Assets determine a company’s ability to operate. A typical asset is the company’s bank account.

Liabilities

Liabilities represent bills and debts incurred by the business to operate. An example of a liability would be lease payments on equipment or office rent.

Equity

Equity shows the balance from all assets minus all liabilities. The difference between these two is the company’s value that is eligible for equitable distribution to shareholders.

The 4 Different Arrangements of the Accounting Equation

Every business needs accounting, no matter the size, but the size determines how the accounting equation is arranged. Large businesses use complex variations of the accounting equation.

Arrangement #1: The Basic/Fundamental Accounting Equation (Assets = Liabilities + Equity)

The basic accounting equation is the most commonly used arrangement. It is the most referenced in accounting courses and online by websites like NerdWallet.com and QuickBooks.com.

The fundamental accounting equation is used in startups and small to mid-sized companies with basic daily asset transactions like daily sales and periodic liabilities like rent and utility expenses.

Examples of the Fundamental Accounting Equation

1. ABC Hair Salon buys three hair dryer stations for $1,000 each. The accounting equation for this would look as follows:

$3000 Asset = $0 Liability + $3,000 Shareholders Equity.

1. ABC Hair Salon leases a suite in a high-rise business center. The lease payments are $4,000 per month for 12 months. The accounting equation for this would look as follows:

$48,000 Asset = $48,000 + $0 Shareholders equity.

1. ABC Hair Salon also sells hair care products. They have 1,000 units of shampoo in stock, each worth $10.00. The accounting equation for this would look as follows:

$10,000 Asset = $0 Liability + $10,000 Shareholders equity.

Arrangement # 2: Owner’s equity = Assets – Liabilities

If ABC Hair Salon wants to highlight owner’s equity, they may prefer to use an expansive version of the accounting equation. This version shows that a business has placed its creditors as a top priority against shareholders.

This expression reveals how the business’s obligations affect the owner’s equity.  This arrangement details how the increase or decrease in assets and liabilities affects shareholders’ equity.

Arrangement #3: Net Worth = Assets – Liabilities

This expansive version of the accounting equation is similar to arrangement number two because net worth is similar to owner’s equity. Net worth identifies a type of equity.

This arrangement shows the absolute bottom-line position for the shareholders. It differs from arrangement number two because equity can be categorized into subaccounts. Essentially, net worth is a by-product of all equity.

Importance of the Accounting Equation

The importance of the accounting equation cannot be understated. It is the key to accurate bookkeeping and a clear understanding of a business’s financial health. It also helps business owners prove to investors that their business is a wise investment.

Businesses depend on the accounting equation to create financial statements to make critical financial projections. It helps business owners answer important financial questions and can be used to attract investors.

The balance sheet is the focal financial statement the accounting equation produces. It directly reflects the equation and how assets, liabilities, and equity accounts are organized.

Streamline Your Financial Reports

The accounting equation is simple and complex, all at the same time. It’s simple for small businesses with a small number of transactions and complex for a large company with various assets and liabilities and several shareholders.

Companies can still manage their accounting manually, as before technological advances came along. However, there are ways to automate reporting and transaction recording using artificial intelligence tools and software.

Accounting systems can now record a transaction as soon as it happens in real-time and posts it to the accounting ledger. Automate controls in an accounting system to ensure the integrity of the accounting equation remains with Divvy’s spend management solutions. 

The post What Is the Accounting Equation? appeared first on Jay Tripp Consulting.

Payroll is about more than issuing a paycheck to an employee. Payroll involves deductions that laws require to be taken. Payroll is an expansive part of accounting with a variety of components. This guide will teach you how to set up payroll for small businesses and manage payroll for small businesses so that your company remains compliant.

What Factors Impact Payroll for Small Businesses? 

Taxes, employment laws, the employee and the scope of their job function, and record-keeping all impact payroll. 

Taxes are ordinary around the world. Governments collect taxes from citizens through their incomes. Employment income is the most common income in the world, so governments have set up many regulations to collect taxes timely and accurately. They cannot do this alone. They require employers to manage this process through a process called payroll deduction.

Employment laws determine how small business owners can manage their employees, including how they are to be paid and the minimum wage they are paid. The Australian government requires a minimum wage under the Fair Work Act 2009. This act is always active and reviewed annually. Therefore, it is also essential that a small business owner remains educated on changes to current laws. 

The type of employee impacts how you manage payroll. An employee can be a permanent employee or a temporary employee. Their salary range also affects reporting requirements. 

Payroll also generates a lot of paperwork. Employees receive pay stubs from you. Payroll produces much supporting documentation that you’ll need to complete tax filings. It’s a good rule to hold onto payroll records for seven years. Not only does this help you, but it also helps your employees. You, them, or both may need to reference hard files of payroll records in the future. 

Payroll Compliance in Australia 

Australia has several compliance factors for payroll. These cover minimum wage, paid holidays, leave policies, and record keeping. Many of these regulations are common in most countries, but Australia has set mandatory compliance factors. Small business owners must abide by these to be compliant. 

National Employment Standards 

The National Employment Standards (NES) are a set of entitlements employers must make available to employees. There are currently eleven. 

• Maximum Weekly Hours
• Flexible Working Arrangements
• Ability to convert to permanent employment status
• Parental
• Annual Leave
• Personal Care Leave/Family Leave
• Community Service Leave
• Long Service Leave
• Public Holidays
• Termination Notice/Severance Pay
• Fair Work Information/Casual Employment Information Statements

Small businesses must provide these rights or face penalties. There are eight that affect payroll.

Maximum Weekly Hours

Employers cannot unreasonably request that employees work more than thirty-eight hours weekly.

Leave

There are five leave standards under the NES. Employees’ rights based on their tenure are parental, annual, and long service leaves. Community service, personal car, and family leaves must be provided regardless of the length of employment tenure. 

Public Holidays

Public holidays are awarded to employees based on the Australian territory they work in. The territory affects how much the employee is compensated for them.

Termination Notice/Severance Pay

Employers must provide written notice to an employee about termination or layoff. There are exceptions to consider. In addition, the notice period is based on the business industry. 

Accurate Record Keeping

Small business owners should keep business records always. Payroll and employee records are at the top of the list. Australia mandates employee records to be kept for seven years.

Examples of records that must be kept are:

• Pay, Leave, and Hours Worked
• Expense Reimbursements
• Workers Compensation Information
• Superannuation Contribution Details

These items are related to the NES. Show that you are compliant by keeping records safe from destruction and theft. 

These are just some of the types of records that should be kept. Although not required by the Australian government, you should keep records from the hiring process, such as resumes and job applications, performance reviews, and employment contracts. 

Payroll records should also include your payroll schedule and pay period records. Pay slips should be kept for seven years, and they should be accurate and show deductions, gross pay, and the employee’s pay rate. If an electronic deposit is set up, keep records of bank account information, and any authorization forms the employee signed for direct deposit.  

These records provide an audit trail that will safeguard you from liability or issues related to unpaid or underpaid taxes. 

Employee information such as bank accounts, full names recorded, and service tenure helps auditors verify how much tax you should have paid. It can also help if the employee is under an audit for their tax obligations. 

Recording leave details can insulate you from any claims of employee mistreatment. If an employee files a complaint that they were not offered or received leave that the NES guarantees them, your records will prove if the claim is valid. 

Modern Awards

Modern awards are a part of the NES. They set standards for how employers are to pay employees and manage how and when they work. The list of modern award entitlements are:

• Pay
• Hours of Work
• Rosters
• Breaks
• Allowances
• Penalty Rates
• Overtime Pay

The Modern Awards fact sheet from the Australian government gives a high-level overview. The national workplace relations system covers employees covered under modern awards. Some criteria must be met. Every employee will only be covered for some awards. Some awards are unavailable for specific pay ranges and industries. 

Small business owners must comply with Australia’s standard for modern awards. A few stipulations and circumstances affect how a small business complies with modern awards, such as if the company is covered by a registered agreement, which is similar to an employment contract. In the absence of a registered agreement, modern awards rules are followed.  

Payroll Tax & Other Deductions

Payroll tax and other deductions are the primary reason for payroll management. Proper payroll management protects the business from a compliance failure. Taxes and deductions reporting is time sensitive. The Australian government requires them to be reported and paid in the correct period. It is imperative to manage payroll records to prevent penalties properly. 

This is where Single Touch Payroll (STP) plays a role. STP is a government-led payroll tool that makes it simpler for small business owners in Australia to manage their payroll deductions and meet compliance. STP is now mandatory for all businesses in Australia. 

STP has had two roll-out phases. With phase two, businesses can report required information about employees to multiple government agencies through one portal. This expansion of STP has made it easier for businesses to manage their reporting.

In addition to the STP registration, businesses in Australia must register for Pay as You Go (PAYG). PAYG is a system that facilitates tax payments to the ATO. Small businesses in Australia are required to register for PAYG even if they do not have employees to deduct and pay taxes for. 

The benefit of the PAYG for business is that it allows the end-of-year anticipated tax bill to be paid in installments throughout the year. The ATO will notify all companies that are required to issue tax payments periodically, but as a rule, businesses of a certain income threshold. 

PAYG also has a withholding system for employee or contractor wages. This system pays taxes to the ATO on behalf of the employee. Businesses can visit the ATO website to register for PAYG. 

Payroll Solutions for Small Business

Accounting payroll has many moving parts. Small businesses can manage payroll through manual recording methods with spreadsheets for calculations and filing cabinets for hard copies of records. This method may require much oversight since errors are more likely to occur. 

Spreadsheets are an age-old, tried-and-true method for managing payroll, but most small businesses use accounting software and apps to manage their payroll. 

The pro to payroll software is access to automation tools and integration with bank accounts. Some software also makes it easier to collect information from employees electronically. The downside is payroll software requires someone to learn the system and understand accounting principles well.

As businesses grow, they eventually turn accounting management over to a bookkeeper. Bookkeepers are specially trained to account for accounting transactions which include payroll. However, because a bookkeeper is trained to manage end-to-end accounting, they may not be up to date with the changes in Australian payroll and labor laws.

The best way a small business can ensure its payroll is managed correctly is to outsource it to a payroll provider. Payroll providers specialize in processing payroll and will remain current on changes to the payroll laws in Australia. 

Set Up Payroll for New Employees

A small business that manages its payroll in-house can follow this essential guide to set up its payroll. 

1. Collect and verify employee personal information: Full name, date of birth, and taxpayer number. This can be collected from the employee application, identification verification, and any applicable tax forms the employee completes. 
2. Set up qualifying entitlements and awards and ensure they meet the NES. Review the employment contract, job description, and working hours to determine what entitlements and awards the employee should receive. 
3. Determine the employee’s tax liability and super requirements. Use the super tool and tax form as a guide.
4. Set up STP. This can be done through the ATO website. 
5. Track hours and issue pay slips on time to the employee. Pay slips should be recorded and stored for future reference. 
6. Conduct monthly accounting processes to reconcile payroll with the business bank account. Use an accounting system, bookkeeper, or payroll administrator to help facilitate the reconciliation. 
7. Use PAYG to verify payroll records of employee withholdings reconciled with PAYG payments.
8. Any discrepancies should be updated in your payroll system. Keep track of records and changes of records for seven years.

Final Word

As a small business grows, the owner may need help to handle all payroll tasks. With so many requirements to be met with payroll requirements in Australia, a company can easily make mistakes and miss regulatory actions. 

Small businesses must create a straightforward process to set up and maintain payroll. It may be a better solution to hire a payroll service to do the heavy lifting to ensure you maintain compliance. A payroll service can work with employees directly and help the small business owner focus on other aspects of the business.

The post How to Set Up Payroll for a Small Business in Australia appeared first on Jay Tripp Consulting.

There is nothing worse than a spotty internet signal. This makes it difficult to get tasks done when running a business. Your business does not have to suffer from a bad internet connection. Improve it by setting up a small business network.

One of the main issues I see when I help businesses with their networks is the absence of the right equipment that supports a robust small business network.

This article explains the components of a network. We will review how to set up a small business network and how it can be expanded in the future.

Why Is a Small Business Network Important?

A small business network is about more than sharing data and making the internet more accessible. A network can reduce costs, increase productivity, and link devices to machinery. 

Companies that use manual methods of sharing information across teams without a network increase mistakes and slow productivity. A network connects multiple devices through hardware called switches and routers using ethernet cables.

What Is Network Mapping?

Network mapping tools show connectivity between physical device locations and collect real-time data used in developing a report. It can analyze performance to determine efficiencies, identify bottlenecks and discover hidden things.

What Are the Components of a Network?

A new network is made of various networking devices. Some are a switch, hub, modem, and router. Switches and hubs are connectors devices that connect every device on the network. Without a switch or hub, there is no network.

These components are connected through ethernet cables, which transfer data at predetermined speeds. They connect modems to routers and routers to hubs and switches along the network map. Switches work better than hubs because they deliver data to intended devices, whereas a hub will send data to all connected devices.

A modem is used to receive internet data from an internet service provider (ISP). A modem cannot connect devices in a network. Different ISPs use different modems. If you have cable internet, a cable modem is required. If you have fiber optic internet, your ISP will provide the modem. 

A router is a type of hub. However, it is more sophisticated and can have both a modem and an ethernet switch built-in. It is more common for routers to have a four-port ethernet switch included. A business with a lot of devices will need a separate ethernet switch in the network.

The Difference Between a Router and a Switch

Unlike a router, a switch does not transmit internet signals. A router brings internet signals and serves as a network gateway. The router will join two networks, the internet to the business network through a modem or two separate networks in the building.

A switch is installed within the network to allow multiple devices to share the signal coming from the router. The switch is essential for businesses that need computers to communicate with other computers, servers, and printers on the same network without compromising speed.

Should a Small Business Have a Wireless Network or a LAN?

It may be difficult to know which network type to set up. A business’s needs and the number of devices will determine the best type of network to establish. 

Local Area Network

A LAN (Local Area Network) is a network that covers a small geographic area, like a home, office, or building. A business would use a LAN to connect all their office computers to share files and printers in a smaller setting. A pro of a LAN connection is that it is fast and secure. The con of a LAN connection is that it is expensive to set up and maintain.

LAN connections offer faster speeds and better security because data faces less risk of compromise. A wireless connection is less secure. LAN setups can be large or small, but they are expensive to install. 

Wireless Network

A wireless network allows devices to share data and wirelessly connects devices to the internet. Wireless networks are called WiFi. The most significant benefit of a wireless network is its flexibility and cost savings. The cost to install a wireless network is less because of the absence of wires.

Wireless networks benefit businesses that cannot alter a historic building. A LAN installation may require drilling holes or disrupting existing wall structures. Users on a wireless network can easily connect devices and are free to move around the office.

Wireless networks are not without disadvantages. Unauthorized users may gain access to a wireless network which places your business at risk for cyber attacks. Wireless routers use radio signals that other devices also use. If other tenants in a building have a wireless network, their signals could interfere with your wireless network.

How to Setup a Small Business Network

A network can have the internet or not. Determine if you want your network to be connected to the web. If so, you’ll need to start with an ISP. You will receive a modem or buy a compatible one from the ISP or elsewhere.

Get a router to connect to the modem. The router is the gateway of the network. Some routers come with apps to manage the network. Connect devices to the router using an ethernet cable or another cable type based on the speed and type of data you will share. If an internet connection is involved, consider a router that has high-speed capabilities.

Additional devices can be plugged into the router using ethernet cables, or you can add an ethernet switch to expand a network for more device capacity. All computers plug into the ethernet switch to access the network.

A wireless network will follow a similar process, except no separate ethernet switch is involved. Wireless networks communicate to all devices connected at the gateway where the router is connected. The wireless router will have an ethernet switch built in for a small local area connection of devices near the router. All other devices would connect wirelessly.

Expand a wireless signal using mesh routers. Mesh routers can amplify a network’s signal from the main router throughout a space. Devices permitted to the network will remain connected throughout the building. 

Networks Improve Business Performance

A network for your business devices is an investment you should not skip. Networks allow multiple devices to communicate with each other. 

Small businesses can benefit from a local area network or a wireless network. They each have benefits based on your business’s needs. Find the best modem and router for your small business network.

The post How to Set Up a Small Business Network appeared first on Jay Tripp Consulting.

Did you know that an entrepreneur is a problem solver who takes risks? Yes. The whole concept of enterprise is about finding solutions to a pain in the marketplace. My job as a boss and entrepreneur is to address problems and find working solutions to those problems. Here are significant problem-solving steps that will help you identify and solve problems.

The Steps to Solving Problems Are Simple:

• Identify Issues
• Determine Cause and Effects
• Discover Possible Solutions
• Evaluate Solutions
• Execute a Solution
• Track Progress
• Monitor Outcomes

 Identify Issues:

The first step in the problem-solving process is to determine the problem. You can only solve a problem once you determine what it is. These are the steps you follow when identifying issues.

• Access the situation
• Be clear about the problem(s) you observe
• Consider who the problem affects

Use a tracking mechanism to identify and track how the problem will be resolved. Consider project management tools that are beneficial for this.

Who Does the Problem affect?

Every problem affects someone. If it didn’t, then it wouldn’t be a problem. Your first step is to identify the problem, and now you must determine who the problem affects and why it’s a problem. Be diligent with finding who a problem affects. Make a notation of the concerns in a list. This will help you identify solutions to the problem. Those solutions will lead to how to solve problems.

Brainstorm Solutions

Now that you have a list of problems and the effects they cause respond to each item with a solution. This is just brainstorming, so don’t spend a lot of effort trying to validate the solutions just yet. Whether good or bad, listing solutions is a way to ensure that you are considering a possible outcome that is available.

Evaluate the Solutions

This is where you take the solutions you have brainstormed and evaluate them to rule out which solutions will not work or be sufficient to resolve the problem. You should end up with a narrow list of solutions or a solution that would be the best to resolve the problem. Remember, the best solution will fix the problem(s) and prevent the problem(s) from reoccurring. If they can’t be prevented from reoccurring, then your solution should address how to respond to the problem quickly in the future effectively.

Choose your Best Solution and Apply It

You can now execute a plan to resolve the issue you identified in the beginning. From your narrow list of solutions, this is where you must be strategic. Consider which solution will be the best choice. You can plan out the solution and ensure it is appropriately executed to resolve the problem.

Accountability

Your solution may require that you follow up later on a task, or it may require you to delegate a task to someone else. Always schedule a follow-up to ensure that the solutions you have tasked or scheduled out or being completed or on schedule to be completed. It will benefit you none to find solutions to a problem but not ensure the solutions are being carried out.

Review the Results

After a solution has been implemented and tested, you must review the outcome. Evaluate whether your problem(s) have been resolved. Are there any new problems that have been created? Does your solution prevent the problem from reoccurring? If it doesn’t, has a plan been established to address the problem the next time it happens?

If you find yourself faced with an issue, it seems you don’t know what to do. Don’t freeze. Take action. I have found the best way to manage the problem is to step back and make observations. It’s tempting to panic; when we panic, we create problems in our minds that do not exist. Stepping back and using these problem-solving tips will aid you in being realistic about your problem and finding a working solution.

The post 7 Tips for Effective Problem Solving appeared first on Jay Tripp Consulting.

Some business owners only need a business plan to keep their operations on track, and others will need a business plan so they can raise capital. You can also use a business plan to understand how you stand against competitors.

Write Your Business Plan

Consider who your audience will be for your business plan. Your audience determines the research and the information that should go into your business plan. A business plan outline highlights your business model.

Simple Business Plan

A simple business plan is also called a lean business plan. Its purpose is to provide a high-level overview of your business objectives and timelines. The lean business plan should cover these areas.

• State the Market Problem
• Provide the Market Solution
• How Key Metrics Are Measured
• What Makes Your Solution Unique
• What Are the Disadvantages of Your Solution
• How will the solution be distributed?
• What is the Customer Target Market
• What is the Cost of Operation
• Identify the Revenue Potential

The simple business plan is usually a couple of pages that demonstrate the purpose of the business and the market problem that your company plans to solve.

Traditional Business Plan

A traditional business plan has a deeper reach. Not only does it cover items in a simple business plan, but it also presents information that attracts investors. Traditional business plans require a lot more research.

These types of business plans are required by banks when you are seeking financing. A traditional business plan discusses the business from a startup to its plan for the future.

Executive Summary

The executive summary names the executive leaders and their qualifications. The executive summary is the first section of a traditional business plan. It should be engaging, and it should also cover what the company’s solution is for the problem they’ve identified.

This section should is written last but listed first. Traditional business plans attract investors as its objective.

Company Description

This section gives an introduction to the company. It mentions the company’s mission and vision statements. It also identifies the business formation type and the age of the business. 

Products and Services

Identify the products and services being offered by the business. What are the prices for them and how will they be distributed?

Market Analysis

Study the market and present your competitive advantage. Your company’s strengths, weaknesses, opportunities, and threats are in the market analysis section. Also include research about your competitors.

Management Team

Highlight the management team and the roles they play. Introduce them by name and list their qualifications.

Financial Plan

Financial projections using financial statements are presented to investors and banks to help them gauge the financial risk of investing capital into your business. The financial plan should highlight the startup capital you’ve already invested and how you plan to scale the company financially.

The financial statements in this section are the cash flow statement, break-even analysis, and income statement.

Operational Plan

The operational plan outlines how the company will work to produce products and services and get them to customers. The operational plan also addresses how employees perform their jobs. It highlights any risks that are involved with carrying out daily operations.

Get a Business Plan Done Professionally

A business plan gives your business a professional presentation for other key people to see. A business plan should use professional language, be thorough, and provide a precise analysis of why the business exists and the strategy the business has to grow.

Writing a business plan requires marketing knowledge and research. You can hire a professional business plan writer for your business plan. Get help with your research and let us put your business plan together.

The post Tips for Creating the Perfect Business Plan Template appeared first on Jay Tripp Consulting.