Dare to explore.

Learning from a Pandemic – 4 Lessons Covid-19 Taught the Business World

The global pandemic has affected virtually everyone worldwide, whether it be physically, emotionally, and mentally. There is almost no aspect in our lives that hasn’t been impacted by Covid-19, and the business world is no exception.

As we continue to battle the novel virus around us, we can already look back on the last several months as a learning experience. The world grappled with an event, unlike anything we’ve seen in our lifetime. With that comes lessons to help us in the future.

Reviews for Corporate Business Solutions understands the impact Covid-19 has had on your business. We take a look at some lessons we’ve already learned from the pandemic, and how we can adjust in the future.

Have a Risk Management Plan Ready

Although there are many instances, like what we’re currently going through, that you can’t plan for, you can have a plan for potential difficulties your business will likely face. Every business will have at least one hardship it must overcome as it grows, no matter the company’s size.

First, identify possible risks you’re likely to face as your business grows. It could be an employee quitting or getting fired, you getting sick and being off work, or hazardous challenges like a fire in the building. These are a few examples that a risk management plan should go over.

Employer-Employee Relationships Are Crucial

For many businesses worldwide, the only way they could continue to operate is if their employees took their offices home. Remote working puts your relationship with your employees to the test. You must have trust and faith in each individual to continue to perform as they would in the office.

These relationships stem past trust – they also include empathy. We’ve learned that showing compassion in difficult times is essential in any relationship, especially when mental health is involved. Moving forward, being empathetic to an employee’s situation will go a long way to maintain that positive relationship.

Personal Development and Growth Never Stops

It doesn’t matter if you run the business or have an employee who just started; you are always growing. With an ever-changing world, what we knew one day could be different tomorrow. Personal development and growth are something that should never end, just because you’ve reached the top of the ladder.

Be Resourceful and Flexible

One of the first things Covid-19 taught the business world is the importance of being flexible and resourceful. Many companies would have gone under if they didn’t change their tactics. Closing your doors doesn’t mean your business has to end.

Take the fitness industry as an example. With gyms and studios abruptly closing, personal trainers and group instructors got creative and moved everything online. Since we have the tools to do so today, the transition from in-person to online classes was relatively simple. However, this is still an excellent example of being resourceful and flexible. Many trainers would have lost their jobs if they didn’t think quickly and switch to online sessions.

 

Use these lessons above to help your business in the future. As we continue to battle with Covid-19, let these lessons remind us that change can bring about positive things.

Harness the Power Of A Business Valuation

Sometimes, it becomes necessary for both shareholders and business owners to know the exact value of the organization. Whether you’re planning to sell your company, or sell or buy shares, getting an independent business valuation is often the best place to begin making well-informed decisions.

However, when it comes to finding out the value of the business, it’s surprisingly common for shareholders and business owners to be disappointed. Corporate Business Solutions consultant’s report that all-too-often, shareholders, and owners have an unrealistic idea of how much their company is worth. While sometimes, the valuation they receive will be higher than they anticipated, in far more cases, the figure is much lower than they expected. Why is this the case?

Inflated Valuations

Typically, shareholders and business owners have a highly inflated opinion of their company’s value. This is usually because they’ve read or heard about vast sums being paid out for successful businesses overseas and so apply the same multipliers. Yet, realistically speaking, these valuation parameters simply don’t apply automatically in their situation. Those parameters will be driven by several different company-specific factors that are also based on the industry and economy in which the company is operating.

The True Value of An Independent Business Valuation

Although receiving a business valuation that is lower than anticipated is always disappointing for those who expected a much higher figure, it can be a very valuable experience. It helps the business owner and shareholders alike to understand their true position and to gain fresh perspectives about the organization so they can implement changes that will bring about improvements.

In business valuation, the calculations that have been carried out will be fully explained. Not only that, but elaborations will be made on all the assumptions that underlie the applied parameters. For business owners, this will clarify the reasons for certain discount rates or multipliers being applied to reach the given conclusion of value.

Armed with this valuable information, it becomes more obvious what business owners need to do to boost their company’s value and, often with just a few simple adjustments, they can begin implementing those changes within weeks.

How Can A Business Valuation Impact on A Business Owner’s Decision-Making?

When receiving a business valuation that is lower than anticipated, many business owners decide that they should postpone the sale of their shares or company. Instead, they frequently choose to implement an action plan, starting to work deliberately on improving elements of their organization so that their company can soon be valued at a higher price.

Receiving a strong business valuation report always offers a business owner added value. If they are happy with the valuation they are given, they are armed with everything they need to succeed in negotiations with a prospective buyer. However, when they are dissatisfied with the conclusion of value they’ve received, they can use the report to derive action points that will go on to strengthen their business and improve its value with time.

The Benefits of Making Mistakes in Business

After reading the title, you may be wondering how making a mistake in the business world has many benefits. Wouldn’t you want to avoid making mistakes in the first place?

The truth is, every business is bound to make a mistake at some point or another. No matter how much planning and work you put in, there’s like a mishap that will catch you off guard.

Making mistakes is how we learn and grow. If you never take a risk, it’s hard to tell what truly will work for your business. By putting yourself and your business out there, even if it ends up backfiring, you learn more about your company and you as a leader.

With Corporate Business Solutions Consultants, we know the importance of growing a successful business, but also how a mistake can benefit that growth.

You Learn More

When you use a mistake as a learning opportunity, you can look at it as a good mistake then. However, this is only true if you genuinely use the mistake as a learning opportunity. If you ignore it and keep doing the same thing over and over, the mistake will no longer be beneficial.

When you see something gone wrong, take some time to investigate it. What happened and how did it happen? What could you do to prevent it from happening again? Was there any good that came out of it? How do you need to take your business so that this mistake doesn’t happen again?

You Can Try New Things

When mistakes are embraced, it allows people to experience new things. If you’re scared of mistakes and don’t take a risk, you will likely miss out on many opportunities that could benefit your business.

It’s not easy to be vulnerable. However, when you are, you start to experience more than what you usually would. These experiences allow you to take your business on new paths that could benefit you greatly.

Shows You’re Willing to Try

A mistake shows that you tried something new and daring, even if it ended up backfiring. For many, they see that as a positive trait. You’re willing to take risks needed to keep expanding your business.

It’s All on How You Handle It

In the end, if you or someone in your business makes a mistake and you handle it poorly, all of the positives that can come from it will be overshadowed. If you’re the leader in the office, handling a mistake calmly and professionally, all while being encouraging, that will go a long way.

The main takeaway is that it’s okay to make mistakes in the business world. It’s how you learn and how you grow. That isn’t to say you should go out and make as many mistakes as possible. However, it’s okay to put your company out there and let it be vulnerable. In the end, you learn more and can use that experience as you continue to push your company farther ahead.

5 Reasons Why Your Employees May Want to Quit

Do you find yourself having to hire and train new staff members on a regular basis? If so, there is likely a reason why your employee retention rate is low. Whether it be from management, a different opportunity, lack of interest, or something entirely out of your control, employees will have their reasons for quitting.

When you can start to narrow in on those reasons, you then can make any adjustments needed to retain your current staff. Corporate Business Solutions Reviews came up with five top reasons why an employee may quit.

Bored and Unchallenged

Having a dull day at work will make time go by quite slowly. Employees want to be challenged and be passionate about coming to work. If they aren’t, it makes it quite tricky to get out of bed in the morning.

Check in to make sure your employees are happy and feel motivated to do their job.

Workplace Relationships

One of the biggest reasons an employee will quit is due to having a poor relationship with their boss. No one says everyone in the office has to be best friends. However, having a positive and civil relationship helps ease tension and create an environment that employees are happy to be in.

Lack of Independence

Your employees want to be empowered. Doing so means you must trust them and let them perform their job as they see fit, as long as it is within the parameters of their description and the company. Showing staff that you trust them to do their job will go a long way.

Acknowledgement

How would you feel if day by day you put in your best effort, and it never gets noticed? After a while, it becomes demoralizing and can lead to you wanting to go somewhere else. If employees never receive recognition for what they do, how will they know they are doing a good job?

Acknowledging your staff can be anywhere from a pat on the back to rewarding them for beating their targets.

Company Culture

It could be that the company culture is no longer in line with the employee’s values. That isn’t to say the company culture is bad. It could just mean that the employee had a shift in what they want out of life and it is time for something different. However, if it is because of the way the company is running, then it may be time to take a step back and re-evaluate your business plan.

It’s important to have meetings with employees who express frustration or are walking out the door. When you know why they quit, you can then make the changes required to keep the rest of your staff happy.

Enhance Your Content Marketing to Drive Sales

Content marketing can accomplish different things for different businesses. While some businesses use it as a way to increase brand awareness, others may use content marketing as a way to generate sales or sales leads.

Corporate Business Solutions experts recommend taking the following steps toward content marketing that generates sales.

Create a Content Marketing Plan

Not having a content plan in place is one of the largest mistakes marketers make when trying to drive sales. Sure, you’re aware that you need to create content and you want to boost sales. However, that’s not enough. You need to generate a strategy for finding and reaching your target audience to get them to convert to customers.

Understand Your Target Market

In order to produce effective content, you need to know who you’re creating that content for. Have a clearly identified target audience and speak directly to that audience through your engaging content.

Know Your Customers’ Common Concerns

Customers who are reading your content rather than buying your product or service are probably doing so because they’re undecided. To help them make their decision, it’s imperative for you to answer their questions and alleviate their concerns. Fortunately, you can do that with your content, if you know what your customers’ most popular questions and concerns are.

Listen to Your Customer Feedback

Coming up with those questions to base your content around can be as easy as simply listening to your current customers. If people consistently email you with the same questions or issues over and over again, those are likely things that would make for effective content.

Take a Look at Keywords

You should always consider the keywords and searches that bring potentials customers to your website. People will often enter questions into search fields if they can’t find an answer easily. Thus, if you see common themes there, that could be another source for your content.

Make a List of Questions

You should always go one step further than just simply keeping an eye out for common customer concerns. The very first thing to do is to create a list of the top 20 questions consumers have when deciding to purchase your product or service and subsequently create content to answer all of these questions in detail.

Take a Look at the Buying Process

When generating those questions and other topics for your content strategy, it can be helpful to put yourself in your customers’ shoes through each stage of the buying process. Spend the time to really familiarize yourself with the journey people take to purchase your product and then create the content to make it easy for them to purchase.

To learn more, visit CBS-CBS.com.

Five Techniques to Enhance Your Blogging

It’s no secret that online blogging and other forms of published content can prove to be a critical aspect of your marketing strategy. Having said that, it takes a lot of strategic thought and preparation to make online content supplement your business goals. In order to help you improve those efforts, Corporate Business Solutions experts recommend the following five tactics.

Identify Optimal Keywords

 In order for your target audience to stumble across your blog content organically, you must integrate relevant and applicable keywords. While this can certainly be challenging, it’s up to you to invest the time and energy into researching the best keywords. Trust us when we tell you that you won’t regret it.

Get More Subscribers

So, you post your blog and you see that it hasn’t been viewed as many times as you’d like. Now what? To ensure that people actually read your blog, it’s helpful to offer an email subscription option. This will put the new blogs directly in their inboxes. What could be better?

Utilize Your Blog to Augment Your Reputation

Whether it’s via blogging, reviews, or social media, it’s absolutely imperative to not only monitor, but also constantly improve what is being said about your company online. Ultimately, your reputation can make or break a potential customer’s decision to buy into your business.

Personalize Your Content

Think about it – which will draw more interest: generic or personalized content? You got that right. Generic blog content will not yield the positive results you are looking for. Rather, take the time to publish personalized and relevant content that is specific to your target audience.

Make Your Content Shareable

One of the best ways to widen reach your reach is to optimize your content and make it more shareable. The more your content is shared, the more people you will reach.

To learn more, visit CBS-CBS.com.

How to Successfully Manage Millennial Employees

By 2025, roughly 75% of the labor force will be comprised of millennials. That’s right. Millennials.

What does that mean for your business?

Well, with millennials making up such a large portion of the workplace, it’s imperative for small businesses to know how to efficiently manage millennial employees.

Let’s take a look at some of the best practices.

Embrace and Exploit Their Tech-Savvy Nature

 This is a no-brainer. As products of their generation, millennials are extremely tech-savvy. As a small business owner, you ought to promote and encourage their use of technology and social media. Rather than shutting them down, use this to your advantage. Trust us when we tell you it will help you stay competitive. To learn more, visit CBS-CBS.com.

Offer Flexible Hours 

It’s no secret that millennials love balance when it comes to managing their personal and professional lives. Thus, you ought to consider promoting flexible hours with the potential to work remotely. Once you assemble the right team, you will thank yourself in the end.

Foster a Robust Company Culture

 Most millennials are looking for meaningful and purposeful work. Furthermore, many of them do not fear authority. Thus, it’s your job to create a strong company culture with meaning in order to attract and retain loyal millennial employees.

 Embrace Collaboration

For the most part, millennials are largely social people. As a small business owner, you should make it a priority to encourage collaboration as often as possible. Not sure how? Here are some starter ideas: regular team meetings, brainstorming sessions, workshops, continuing education, etc. This leads to the creativity you are looking for.

Create Leaders

Rather than being told what to do, millennials love taking the lead. You should find ways to mentor this generation with the purpose of teaching them how to create, lead, and manage. Consult with a Corporate Business Solutions expert to learn more.

Small Businesses will be Affected by Facebook’s Newsfeed Change. Here’s What to Do About It.

Mark Zuckerberg announced last week that Facebook would be making some significant changes to how content is viewed on the platform’s Newsfeed. In a Facebook post on January 11, Zuckerberg specifically pointed to “public content,” which are posts from brands, businesses, and media, as “crowding out” personal posts. Facebook is making a major shift to mainly show posts from friends on the Newsfeed, as opposed to promotional material.

Small businesses can expect this change to hit them the hardest. Smaller brands are the most likely to promote Facebook posts. This year, this strategy will require drastic changes. Here are several tips suggested by CBS Corporate Business Solutions consultants on how small businesses can get around the Newsfeed change:

Produce High-Quality Content—Facebook users are mostly annoyed by spam posts that are blatantly pitch products. To keep your posts on Facebook, start producing better quality content. Meaning content that is highly relevant, timely, and interesting to the target audience. Avoid clickbait and misleading headlines. Invest in articles or video that the target audience would genuinely be interested in.

Consider Paying for Facebook Ads—If Facebook is essential for marketing to your company’s target audience, then seriously consider paying for Facebook ads. The ads will be strategically displayed alongside the Newsfeed so the new change doesn’t affect ads.

Create Content based on Engagement Metrics—The content that is most likely to be successful on Facebook is the type of content with the highest engagement rating. If the videos your company is posting on Facebook is generating high engagement numbers, then it’s safe to continue producing the same type of content. Facebook issues an “engagement rate” for each post your business profile submits. Use this rate to measure which content is becoming popular on the platform, and the continue to make more of it.

Ask Users to Allow Posts—Facebook has a feature called “see it first” that allows users to prioritize content seen on Newsfeeds. Users can click on the “see it first” button for your brand’s profile so that the content you produce won’t be filtered out with the rest of the public content. So conduct a campaign to get Facebook followers to make this change.

There are also alternatives to Facebook marketing your small business can try. Consult with a Corporate Business Solutions expert to find out more.