Many businesses use credit cards to pay expenses. It’s convenient and simple. The key is selecting the right card—the one that provides the most value in terms of rewards, be it cashback, travel points, or lower annual fees. With so many options out there, it can quickly get overwhelming. Avoid the quandary of credit card analysis by asking the right questions from the start.
Credit cards are an important tool within most small businesses. Be sure to select the one that best fits your unique needs by asking the above questions and doing the research.
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We live in a data-driven world. And because data is so readily available, businesses have the ability to tap into key metrics to measure against set goals. Whether those goals are to reduce staff turnover or client churn, increase profits, or extend the average client life cycle…having a KPI (key performance indicator) strategy in place is essential for long-term success.
While data tracking and monitoring key metrics is critically important to business success, the abundance of data available can cause information overload. To help you navigate the world of KPIs and build a “starter plan” of sorts, this article offers three tips to creating a sound KPI strategy.
Not all KPIs are created equal. The first step is to understand the difference between lagging and leading indicators and why both need to be monitored.
Lagging indicators show results over a period of time (e.g., total sales in the closing quarter). These are easy to measure and provide quick answers on whether set goals have been met. For example, if you set an ambitious goal such as doubling sales by the end of Q4 (compared to Q2 sales), the ultimate lagging indicator is annual revenue or profits.
Leading indicators capture data that has an effect on an outcome. This makes leading indicators useful for predicting outcomes. For example, if an online retail store shows a sharp drop in the purchase of a popular item, the company could predict a drop in overall quarterly sales. Monitoring leading indicators helps you get ahead of predictable trends and make adjustments to influence positive outcomes.
The goal here is to get your entire organization talking about data! When everyone speaks the data language, it better supports a company-wide KPI strategy.
To build a KPI-driven culture, be sure to offer regular staff training on the value of KPIs and the metrics each department is responsible for tracking. Also, be sure to assign the proper leads to champion KPI progress and ensure staff are kept updated as your strategy evolves. Finally, make sure you have the right technologies in place to collect and analyze data, and make KPI dashboards available to required staff.
It’s important to understand that KPIs are subject to change. You can bet that over time customer behaviors will change and business goals will evolve in response to market trends. This calls for businesses to refine their KPI strategy on a regular basis.
Over time, you may discover that a KPI is not helping you progress toward a specific goal or that it’s driving the wrong actions. For these reasons, commit to consistent KPI evaluation and enhancement as you move forward. The formal process of refinement requires you to monitor what is working and what is not.
You exercise your body to stay healthy, but how often do you exercise your brain? Research has shown that keeping your brain cells strong and sharp can help lower your risk of developing dementia. Here are four ways to make sure your body’s busiest organ keeps running smoothly.
As we get older, we all have the occasional memory lapse. But practicing these four basic habits—along with getting enough sleep, limiting alcohol, and not smoking—can help keep your blood flowing and ensure your body and brain stay active and vibrant for many years to come.
Now that you’ve been working remotely for several months, how are you feeling about your shared office apps? If you’re still scrambling to put together a set of tools that meet your virtual needs, here are some applications that will go a long way toward making everyone feel like they’re working together as a team…even when you’re not in the same office.
A final option to consider that doesn’t really fit into any of the categories above is Google Drive, which contains Google Docs, Google Sheets,and other apps. It’s more of a file storage system, but it’s free and a great way to create, circulate, and review documents and spreadsheets.
With any of these applications, you’ll take significant strides toward creating an efficient remote office that feels much less remote.
Smartphones. Most of us can’t live without them. They’re an indispensable addition to our daily lives, so it’s always nice to find new ways they can help us save time. Here are some smartphone productivity secrets that can help you dial up more efficiency during your day:
Use your phone to lighten your load
These are just a few smartphone hacks to help you simplify your daily life. You can look online or browse your phone’s app store for more tools that will help put little-known smartphone secrets to work for you.
If your business has a website, you’ve heard about the importance of content. Lots of content—educational, timely, entertaining, and frequently updated information that helps boost your search rankings and engage visitors.
Still, you might be asking: Our customers come to us because of the products and/or services we offer, so is it really that important to push out a steady stream of content?
The short answer is yes. And here are four compelling reasons why:
Content is a must in today’s web-driven world—enabling businesses to stand out from the competition and provide both clients and prospects with helpful, educational information. If you have not yet, it’s time to jump on the content bandwagon.