Author Archives: freelancetheconsultantsdiary

Technology / Office , , Leave a comment

Virtual Assistant Technology to Support Your Business

by

Enter the New Year with a mission to explore and utilize virtual assistant technology as part of your strategy to create operational efficiencies and competitive advantages for your organization competitive in 2021 and beyond. The negative effects of the COVID economy should lend some urgency to your efforts.

You already know that Intelligent Virtual Assistants can quickly answer common questions posed by website visitors because you’ve most likely used chat bots yourself. You’ve probably also pulled out your phone many times to ask those voice-controlled Intelligent Virtual Assistants named Siri and Alexa questions like where you can get an ice cream cone, or the location of the nearest hardware store. In other words, you’re comfortable with Intelligent Virtual Assistants and you’re ready to brainstorm how to use them in your business.

IVAs have many uses, including pairing with artificial intelligence and blockchain technology to guarantee secure business transactions and contracts, a benefit that has become more valuable in the work from home virtual communication-dependent COVID environment. Along with tech-enabled administrative, operational and customer service functions, IVAs can seamlessly supply an array of other services.

IVA and LeadGen

Use IVA to stimulate both online and in-store sales by suggesting purchases to online shoppers who’ve either previously bought items on your site, or merely visited the site. You get to select the triggers, the contact schedule and the manner of marketing outreach—an ad or a marketing email, for example.

Have you ever visited the website of a grocery chain and a minute later discovered ads for grocery delivery in your online feed? That’s IVA- driven drip marketing at your service. There are other time-saving and money- making possibilities that IVA can deliver. For a not overwhelming sum each month, depending on the service, you can position your company as being at the technological forefront and build confidence in your organization and its operations as a result.

IVA and email marketing

Hunter.io will ferret out those elusive email addresses of decision-makers you’d like to contact and engage with as you lay the groundwork for selling and brand building or opportunities. Just enter the company name and the person you’d like to reach and receive a list of email addresses that contain that domain name. Try the no-pay trial option and receive 50 free email searches or sign on for 500 email searches, verifications and several more useful email marketing campaign services for just $49/month.

IVA and PR/ Marketing

Maybe you want to be a guest on the right podcast? IVA technology will search podcasts that should be a fit for your products or services. IVA will also create your email marketing pitch for the targeted podcast hosts to launch a campaign to get you on a broadcast or two. The email will be sent from your business account and will suggest topics you’d like discuss that would appeal to the podcast listeners and add value to the show.

If you’d like to get on the radar screens of blogger- influencers in your location or industry, or introduce yourself to key print or digital journalists, the same tactic can be applied. Furthermore, IVA technology can be used to help you effectively recycle still relevant content marketing posts from your blog or newsletter into social media posts, whether text or video format.

As Freelancers and all business owners and leaders continue to grapple with the challenges presented by the COVID economy and its impact on activities we once took for granted, incorporating IVA technology into your company will become essential in what will be an increasingly digital world.

Thanks for reading,

Kim

Image: George and Jane Jetson with Rosie, their IVA household help. Animated sitcom The Jetsons (Hanna-Barbera) aired in prime time on ABC from September 1962 – March 1963, then spent many years in syndication.

Professional Development , , , Leave a comment

Upgrading Leadership Skills

by

As we approach the close of a difficult year, the first thing I’ll ask you to do is give yourself a pat on the back for making it through. Sure, you may have dropped a stitch or two as you struggled to find your footing as clients canceled jobs and the ground gave way beneath your feet.

This is a scary time for Freelance consultants and business owners, including those who steward multi-million dollar corporate enterprises. Those who’ve managed to hang on and find a way to either pivot or turn a corner and rebuild are to be congratulated.

Regardless of your circumstances, periodically assessing your leadership capabilities will always bring you to a better place, professionally and personally. One’s leadership ability is the foundation of not only decision-making that helps to successfully guide your business through the storm but also to rally the team to shore up confidence and productivity.

How you say what you say

Good communication is a hallmark of an effective leader. Knowing how to connect with, empathize and inspire the team are essential competencies. A leader depends on the team, because they are the folks needed to achieve the goals and support the leader’s, and the company’s, success.

Team members are highly attuned to their leader’s style of communication. It really is not so much what you say, as how you say it. We all have an inborn communication style and when we are mindful, we can refine that style and make it more effective. One method of communicating company goals is to use storytelling.

Express the goal and key elements involved in its achievement as a story, if not an adventure. Share with the team why the goal is important, what it means to the company’s survival and stature and how the company (and by extension its employees) will benefit. Communicate your excitement about being chosen to participate in achieving the goal. Emphasize your confidence in the ability of team members to take the ball and run with it.

As well, allow team members to add their viewpoints and give voice to their questions, doubts and/or what some may feel as innovative ways to get the job done. In other words, demonstrate your respect and reinforce mutual trust. Barking orders and demanding performance damages morale and is rarely effective in the long run.

Listen to the team

Team members should feel comfortable speaking with you, their leader, both on the record and off the record. What you hear may occasionally make you wince, but at the end of the day you’ll feel empowered because you are trusted and that means you are held in high esteem. There is no better compliment.

Share credit and be a cheerleader

If you want to get the most out of team members, be generous with your compliments and praise. Do that and they’ll go to the ends of the earth to make you proud of them. Remember that you stand on their shoulders. Be generous with your sincere appreciation and respect for their skills and dedication.

Be willing to learn

Learning how to learn will improve any aspect of life, professional or personal. Adapting to change and understanding whether it would be the best gamble to tweak, pivot, or batten down the hatches and stay the course requires an understanding of current and anticipated marketplace forces and that understanding is acquired through updated knowledge.

Successful leaders use their industry intel to anticipate strategies that may be needed to maintain market share and profitability. Read regularly about what products are on the horizon in your industry and their potential impact as a whole and your organization in particular. Do new products, or new policies or new companies, represent an opportunity or a challenge?

Coach and mentor

While on a path to increase your own learning, encourage team members to do the same and enable the process. At least twice a year, schedule a skills building workshop, preferably facilitated by an outside expert.

If you notice that there are areas of struggle, have a private nonjudgmental and encouraging talk to investigate the root of the problem and set up a confidential remedial plan. For those at the top of their game, privately discuss career goals and paths to promotions. Remember that those you promote will become your best allies at the organization.

Own your mistakes

When you drop the ball, acknowledge and apologize. Nothing quite undermines the reputation of a leader like dodging culpability and responsibility. It’s humbling and it doesn’t feel good, but owning up never fails to enhance a leader’s credibility—-and credibility is what leadership is all about.

Thanks for reading,

Kim

Photograph: Elizabeth II leaves Westminster Abbey after her coronation as queen of Great Britain and the British Empire on June 2, 1953.

Marketing, Technology / Office , , , , , Leave a comment

Optimize Your Virtual Events

by

Videoconference technology has emerged as the savior of the pandemic era. In the midst of the disruption, if not near destruction, of numerous formerly multi-billion dollar industries, notably restaurant, hotel, wedding, airline and fitness, virtual communication has helped all of us to function and survive. I suspect we’ll all agree that face2face interaction is preferable, but videoconferencing has done an admirable job of helping us weather the storm.

Videoconferencing has greatly expanded online distance learning and allowed schools to continue educating students. Wedding planners are helping couples stage small ceremonies that allow potentially hundreds of guests to witness and virtually join the festivities. Fitness instructors and trainers are coaching their devotees via laptop webcams in living rooms and kitchens and ballet instructors are doing the same for their students.

Managers are holding video meetings for their teams. B2B sales professionals are introducing new products and services to prospects by way of video sales calls. Conference planners are scheduling and producing everything from panel discussions to district meetings. It’s all good, but it’s time to pay attention to videoconference production values and the viewer / participant experience. Things can go wrong and the program can go down in flames. As with face2face events, an action plan is needed to optimize your virtual event so that objectives will be realized.

Let’s start with the basic technical set-up. Virtual events are nearly always viewed on a small screen—tablet or laptop–and for that reason virtual event content planners, producers and speakers would be wise to think of television. Whatever the purpose of your program, be it a classroom lecture, B2B sales call, music lesson, or company meeting, content planners and producers should visualize a small screen perspective as their guide.

If the budget allows, hiring an event technology manager will be money well spent. Event tech managers will ensure that the sound, lights and background set are appropriate for the occasion. Placement of the laptop is integral to locating the most flattering camera angle for the speaker. Two or possibly three microphones may be used to adequately capture the speaker voices. Lighting is everything in show business and the event tech will position the lighting so that the set is neither too dim or too bright and speakers are not in shadows. The set background must also be considered. Having a bookcase in view is always a plus, as are a couple of healthy plants or modest floral arrangements. The company name and logo should also be visible, but its presence need not overwhelm.

Regarding the presenters, panel discussion participants are typically seated, whether all are in a room together and socially distanced or reporting in from remote locations. It is usually preferable for featured speakers to stand while delivering their presentation, since standing telegraphs energy and allows the speaker to use body language that is more communicative and engaging.

Next, think of shaping and delivering program content in a way that will connect with and hold the attention of its virtual audience. Psychologists have documented that virtual events tax our attention span because they’re literally difficult to watch for extended periods of time. Experienced producers of virtual events recommend building in some sort of a diversion about every 20 minutes, to keep everyone’s brain comfortable during the proceedings. Explore the options and learn to use the special features available on your videoconferencing platform. Polls, yes/no questions and small group chatrooms (breakouts) make the viewing experience more enjoyable for audience members. An event tech manager can be helpful with this process as well.

Pace the event content flow by breaking it down into 20 or so minute chunks and interspersing the text with interactive activities that draw in audience members and make them part of the show. Speakers and other performers have always used certain tactics to engage live audiences and now in the 21st century, speakers, event content planners and producers are discovering new, tech-based tactics to win over virtual audiences. It’s show business history in the making, folks.

Finally, there is the increasingly common hybrid classroom or special event to master, where part of the audience is live and the rest are viewing the proceedings virtually. Hybrid events pose a challenge, but they are not insurmountable. If it’s in the budget, renting or buying one or more big screens will create a more immersive and rewarding experience for both virtual viewers and the on-site audience. Interaction between face2face and virtual participants could create exciting possibilities. Q & A, simultaneous polls, contests and games can get them talking to each other as they watch the action happen live. Confer with your event tech manager and find out how to optimize the experience.

Thanks for reading,

Kim

Photograph: Kim Clark

Administrative , Leave a comment

5 Health Insurance Plans for Freelancers

by

The open enrollment period for obtaining health insurance, or changing to another insurance provider or modifying your plan options, began on November 1 and will end on Tuesday December 15, 2020. Your new or renewed health insurance plan will activate on January 1, 2021.

If there have been changes in your household status or income, report those changes to your current provider, since the change may impact the insurance you’ll need and/ or its cost. If you were married earlier in the year, or if you and your spouse became parents, that represents a change in household. If your income has significantly declined, perhaps because of a COVID related loss of business, that information should also be shared with your current insurance carrier, particularly if you’re enrolled in a Marketplace plan (update your application).

Freelancers should remember to deduct the cost of medical and dental insurance premiums on your annual tax return. Be advised that you cannot deduct more than the amount of your net profit for the year. If the business didn’t make a profit, you don’t get the health insurance tax deduction.

With Freelance consultants in mind, Investopedia Magazine examined 15 health insurance companies and determined that the plans listed below offer the most comprehensive coverage for individual purchasers (i.e., Freelancers) at the best price. The cost of insurance will vary by state, applicant age, family size, the type of plan and factors such as smoking.

Medical, dental, vision, Medicare, Medicaid, supplemental insurance and prescription drug coverage are available in most plans listed here. Sign up through the insurer’s company website, your state health insurance exchange, or at http://healthcare.gov. The plans are presented in ranked order.

BlueCross BlueShield

In business since 1929 and probably the most familiar health insurance provider in America, BlueCross BlueShield is actually an association of 36 independent companies that operate nationwide. It could be said that the company’s primary advantage is its extensive healthcare provider network and the familiarity of its brand.

The BCBS network serves 107 million member customers in 50 states plus Washington, D.C. and is affiliated with 96% of hospitals and 95% of physicians in the country. Americans living overseas are able to obtain coverage and receive healthcare services through the BCBS global network of providers.

Dental, hearing, vision, supplemental, Medicaid and Medicare are available in most states.

UnitedHealthcare

Along with offering health insurance in all 50 states, UnitedHealthcare is known for its technology, which is said to enable its providers to deliver care and related administrative services more efficiently and as a result, do so at s lower cost than comparable competitors.

UnitedHealthcare Group is the largest health insurance company in the nation, operating in all 50 states plus 130 countries. In 2019, the company counted 1.3 million physicians and other healthcare professionals plus 6,500 hospitals in its network. Medical, dental, vision, prescription drug, Medicaid, Medicare and supplemental coverage is available.

Kaiser Permanente

Kaiser Permanente has a focus on preventive care, based on the company philosophy that prevention of illness keeps customer members healthier and saves them money in the long run. The company is known for a high level of customer satisfaction and retention.

The downsides are that Kaiser operates in just eight states —-California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington plus Washington, D.C. Moreover, it’s physician and hospital network is lacking. Kaiser serves a whopping 12.4 million members, but there are just 23,261 physicians, 63,306 nurses and 39 hospitals in its network.

Cigna

The company was founded in 1792, making it one of the oldest corporate entities in the country. That said,the company is ahead of the curve in responding to the new normal and was out in front of the competition in offering virtual medical, including behavioral/ mental health appointments and prescription drug delivery in partnership with Express Scripts, the largest pharmacy benefits manager in the U.S.

Cigna is international and provides health insurance to 180 million member customers in 30 countries. In its global network there are 1.5 million healthcare providers and facilities—-physicians, nurses, hospitals and others.

In the U.S., Cigna offers individual plans in just 10 states—-Arizona, Colorado, Florida, Illinois, Missouri, North Carolina, Tennessee, Utah and Virginia and there are 500 hospitals in the U.S. network. Depending on where you live, dental, vision, Medicare and Medicare Supplemental will be available.

Oscar

New kid on the block Oscar was launched in 2012. The company’s calling card is customer service, a consideration that may be especially attractive to Freelancers and other business owners who are left to navigate the complexities of health insurance on our own.

Oscar currently operates in 19 states—-Alaska, Arizona, California, Colorado, Florida, Georgia, Iowa, Kansas, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas and Virginia. In 2021, the company expansion plan is to enter major markets in the states where it does not yet operate. Currently, Oscar provides primarily HMO health insurance and Medicare plans to 420,000 member customers and does not cover out-of- network provider claims.

Oscar offers its Doctor on Call feature that gives free, 24/7 access to a healthcare provider. Another featured offering is The Concierge, where a dedicated team of guides and nurses will answer your questions and help you save money. Oscar members can access the services of Doctor on Call and The Concierge through a mobile app that also gives access to your medical records, laboratory results, deductibles and other related information.

For more information on obtaining medical and also dental insurance, Freelancers can explore what is offered through the Freelancers Union. https://www.freelancersunion.org/insurance/health/

Happy Thanksgiving,

Kim

Photograph: Kim Clark

Marketing , , Leave a comment

Optimize LeadGen and CRO

by

Digital marketing company HubSpot has recently released data that examined the importance of Lead Generation and Conversion Rate Optimization in the success of building and tracking marketing campaigns. Effective marketing brings in paying customers by way of increasing company name recognition and communicating the value of its products and services. Building loyalty, which encourages repeat business, and encouraging customer referrals are other important benefits derived from marketing activities.

If the desired objectives are not consistently being achieved then something needs to change, be it the basic approach (inbound or outbound), the type of outreach (blog, newsletter, social media posts, case studies, print ads), platforms used (LinkedIn, Facebook, SnapChat, etc.), or the messaging. The HubSpot survey found that just 22% of businesses are satisfied with the sales conversion rates of their marketing campaigns.

Calls to Action that address a solution that is meaningful to target audience readers will deliver the best quality leads and enhance the sales conversion rate produced by the sales funnel. The most effective calls to action incorporate popular search terms and increase sales funnel conversion rates by 87%. Anchor Text, i.e., highlighted and often paragraph heading text, that includes a search- friendly call to action can increase leadGen by 93%.

On the other hand, sounding too sales-y is a turn-off. Remember best practices as you create headlines and anchor text that deliver information and maybe a surprising statistic, too.

The Pareto Principle, commonly known as the 80/20 Rule that was introduced by Italian economist Vilfredo Pareto in 1896, continues to hold up. First, when writing articles titles matter and the data revealed that 80% of online visitors get no farther than the article’s title and just 20% delve in to read.

Note to content marketers—-do key word searches and help yourself create clever article titles and anchor text to present calls to action that address problems your readers want to solve. BTW, 36% of readers are drawn to headlines and Anchor Text that includes a number.

Videos continue to be valuable marketing tools because they deliver results. Marketers reported that their companies received 66% more qualified leads when videos are used in marketing tactics. Most video platforms will allow a copy-paste-embed of your leadGen form into the video. Lead conversion rates derived from video content are about 40%. Furthermore, 54% of consumers of digital marketing content reported that they’d like to see more video content and 88% of marketers reported that they’re satisfied with the leadGen and sales conversion performance associated with video marketing tactics.

Oh, and you can ignore your English comp or journalism professor and communicate with your content readers in the second person—-you! Readers want to be spoken to, they respond to personal appeals.

Finally, HubSpot survey data officially verified that marketers want more followers and subscribers for online content, as a way to increase the number of leads (and conversion to sales). HubSpot recommends that you create a Feature Box to guide reader eyes to your company’s opt-in offer and when you do, that metric will increase by 51%.

Thanks for reading,

Kim

Photograph: Kim Clark

Marketing Leave a comment

Client Gifts: 10 Under $25.00

by

It’s that time of year again. The sales and marketing bonanza known as The Holidays are fast approaching. In this most unusual year, when many Freelancers and other business owners have had little to no contact with our clients since March, thanks to the shutdown, the December holidays represent a hugely important relationship maintenance opportunity. This is our big chance to reach out to clients without looking either pushy or desperate and reminding them that we’re still relevant.

Sending holiday gifts and/ or cards to clients with whom you’ve worked in the past 3 – 5 years is one of the smartest and most effective marketing campaigns that can be run. Holiday outreach positions you and your company as a class act. The company name, and by extension its products and services, lands directly in front of decision-makers in a most pleasing way. Your acknowledgement reminds clients of a great working experience as you create yet another great experience by showing that you’re thoughtful.

You can’t lose. Not only that, you might get some work again when business picks up. Holiday shopping must start early this year. Shipping, which has grown exponentially during the shutdown, will be much more busy during the gift giving time. More holiday gifts will be shipped this year than the industry has ever seen.

Please see the 10 gifts below. I recommend shopping no later than December 6 (for domestic shipping) and sending cards by December 10. Remember that mailing to a client who’s working from home will be complicated by the need to transport items from client’s office to client’s home and the mechanism to do that probably doesn’t exist at this time. Call office building concierges before Thanksgiving and ask about mail and package deliveries.

1. Make working from home a little cozy with a warm throw blanket $20.

https://www.wayfair.com/decor-pillows/pdp/gracie-oaks-aronson-patterned-reversible-sherpa-fleece-throw-w002716118.html

2. Find the AirPods in their case when they’re needed. $25.

https://riflepaperco.com/clear-wildflowers-airpods-pro-case

3. Luscious chocolates from Serenade Chocolatier, a favorite place $25.

Spring 16 Piece Selection

4. Pet lovers will adore the Tiny Tent, a clever item that gives cats and small dogs a place to play hide’n’seek or take a nap while Mom and Dad are working from home $20.

https://www.rei.com/product/162912/tiny-tents-tiny-tent?cm_mmc=aff_AL--192425--243833-_-NA&avad=243833_a1dd2bc41

5. A personalized post-it note cube brings style to a utilitarian desk item $17.49 (sale price, $24.99 regular).

https://www.personalizationmall.com/Personalized-Sticky-Note-Cubes-Personally-Yours-p11550.prod?sdest=dept&sdestid=1098&sdest=CheckOut&sdestid=9&storeid=9&categoryId=1098

6. Wild, wacky, luxurious soap and lotion gift sets from Lush $14.95 – $24.95.

https://www.lushusa.com/shop-by-price/gifts-under-25/

7. Plants bring beauty and healing energy to every space. The Hedgehog Aloe requires bright, indirect light, no drafts and water every 7 – 10 days $19.95.

https://www.fast-growing-trees.com/products/hedgehog-aloe-plant

8. Home cooking is more fun when the chef wears a 100% cotton apron by Ayesha Curry, cookbook author, Food Network chef and wife of basketball star Stephen Curry. In aquamarine or burgundy $19.95.

https://www.kafhome.com/licenses/ayesha-curry/aqua-crossback-canvas-apron-adult.html

9. A dollop of ripe fruit sparked with a cocktail spritz creates a yummy jam condiment your clients will love $24.

https://www.uncommongoods.com/product/cocktail-jam-sampler

10. COVID evenings at home become more satisfying with soft lighting provided by candles shaped like wine corks $20 (12 candles).

https://www.uncommongoods.com/product/wine-cork-candles-set-of-12

Thanks for reading,

Kim

Photograph: Kim Clark

Business Strategy , , , Leave a comment

You Can Scale During a Pandemic

by

Unlikely as it may seem, it is possible to scale a business during the COVID era or any difficult economic times, including war. Some businesses enjoyed unexpected increases in market share and sales revenue as a direct or indirect consequence of the shutdown and there were no lay-offs. Virtual communications platforms, liquor stores, grocery stores chief and delivery services have prospered.

Ripple effect revenue has accrued to tech specialists who set up and manage virtual conferences. Real estate agents who handle choice suburban and even rural locations are selling more properties, the result of affluent professionals who now work searching for residences that are spacious enough to accommodate his-and-her home offices and children’s schooling and play rooms. Teachers who administer private lessons to small groups of children have created pod learning environments. Elegant picnics are the new pivot for caterers, who provide food, wine, flowers, candles, stylish ground coverings and cushions to create al fresco dining experiences for those who shy away from restaurants.

If sales are increasing at your organization, celebrate the good fortune by maximizing the opportunity. Seize the day, plan your strategy and scale.

Operational efficiencies

When an organization grows, everything gets more complicated. How can the company deliver its products and services to twice as many customers? Building in operational efficiencies is an essential component of preparing a company to scale successfully. Business owners or leaders must ensure that the processes of acquiring or manufacturing company products and providing services are seamless and meet consistency and quality control expectations. E-commerce functions, the shipping method, invoicing or other payment system and customer service protocols must be secure, dependable and user-friendly.

An HR workforce specialist and/or operations/process improvement expert can guide company owner/ leaders to identify additional job functions that will be needed to support the scale, as well as the ideal employee qualifications for those positions and what to include in the job specs.

Upgrade marketing strategies and campaigns

So the company is generating more revenue and that has given you the confidence to scale—great! How about pinpointing who these new customers are and learning how and why they discovered your business? Are certain products or services suddenly more popular and if so, what’s driving the phenomenon? Or did a customer make a referral to someone with a big budget?

A more sophisticated and comprehensive marketing strategy is another key component of a successful scale. Update the company marketing strategy and campaign tactics to attract and welcome more of the new customer demographic. A website refresh or an entirely new site may be in order. The usefulness of content marketing, perhaps in the form of case studies, a monthly blog or newsletter or white papers that are posted to the website and selected social media platforms may become apparent. Include a short survey on the website (and also on certain social media platforms) to pose questions that reveal why customers choose to do business with your company and what might encourage them to continue doing so.

Revisit the company brand story and promotion strategy and incorporate language that builds trust, conveys expertise and encourages a sense of community and shared values with customers. Values are a growing priority and customers are inclined to patronize companies that support what they themselves support. Sponsoring local events may be a good way to communicate company values (and sending press releases that announce company participation to select media outlets may result in beneficial publicity).

Monitor the results of the marketing tactics used to learn what customers, both the new and the loyal friends, respond favorably to. The goal is to constantly fill the sales pipeline with good prospects. Make marketing personal by inviting customers to fill out profiles that provide name, email address, physical address and birthday, so that they can receive notice of new merchandise, special sales, birthday wishes and holiday greetings.

Ensure customer service

In fact as the company scales, owners and leaders should take on the perspective of both a curious prospect and a repeat customer, to gain insight into how to create a satisfyingly memorable customer experience. Good word of mouth is the best advertisement and often results in referrals. Positive reviews on Yelp, Angie’s List, or other online rating sites are effective marketing tools that bring in customers.

Remember that data security is also an important facet of good customer service. If an e-commerce feature is part of product or service distribution, hire a web designer to add an SSL certificate to the website, to obtain encryption that protects credit card and other personal data (and as a bonus benefit, gives the company a boost in search engine rankings). While speaking with the web designer, make sure that the page lay-out is intuitive and easily navigable. Consider adding a chat bot so that visitors can ask (anticipated) questions and receive answers ASAP, which saves time.

Finally, make product returns and exchanges efficient and painless. Have adequate staff to answer phone calls and emails, so that customers will not become frustrated. Use Facebook and/or Twitter to further support customer service and have adequate staff to update information, monitor activity and address and resolve problems and questions.

Thanks for reading,

Kim

Photograph: Kim Clark. A lift helps workers scale and work at the Christian Science Mother Church in Boston’s Back Bay neighborhood.

Business Strategy Leave a comment

Passive Income? Well…

by

Ah, passive income. It has become the romanticized ideal of how to make money, the American dream redefined. “I can be on the golf course or sailing on my 38 foot boat because I don’t sweat to be rich. I’ve created a lucrative passive income stream. I am smarter and richer than you.” Sigh…

I’m not here to criticize the aspiration of creating a passive income stream. I wish I had one (or two)! My goal today is to tell the passive income backstory because in reality, creating a passive income stream is not as easy as it may look. Furthermore, a passive income stream usually will not make it possible to quit your day job and retire early. Most of all, be aware that creating a passive income stream is an active process. To make it happen, you may have to work harder, smarter and maybe for a longer period of time than you might have imagined.

Even if you’re able to create a passive income stream (and that is not guaranteed), the ROI might be underwhelming. The passive income stream that you have the wherewithal to create may only be enough to pay your cell phone and Wi-Fi bills, not a mortgage and car note. Still, even a modest passive income stream is nothing to sneeze at. It’s just that everyone daydreams of it being so much more.

Passive income defined

Before diving in, let’s clarify the term. Passive income is a reliable, long-term revenue stream that you receive but do not work full-time to generate. Passive income is sort of like a no-show job—work 8 hours and get paid for 40 (or work 20 hours; more about that later).

The ultimate passive income stream is a trust fund. To become a beneficiary, the only work that must be done is arrange to be born into the right family and after that, you’re golden. Heck, you might be able to live off the interest (the ne plus ultra). But alas, not all trust funds are generous; most pay in the low five figures annually. Still, even a trust fund that pays $1000/ month provides a nifty little cushion that no one would refuse, not even Bezos.

Dividend-paying stocks, bonds, or mutual funds are another source of passive income. Selling advertising space on a blog or newsletter is yet another method of generating passive income. Rent received from an investment in commercial or residential property is the most popular form of passive income because it is the most profitable.

Passive income starts with active work

If generating a passive income stream is the goal, accept the fact that time, effort, a particular skill set and (often) start-up capital will be required. Those who are now collecting a reliable passive income stream had to work for it, unless they are lucky trustafarians.

A fair amount of research, the ability to interpret and apply the data, plus good luck, good timing and good investment advice are needed to reliably earn quarterly dividends on Wall Street investments that will make even a modest positive impact. Following your investments and getting a sense of when to put in a buy or sell order, or having the courage to hold when your fund is down for the third week in a row, takes a strong stomach. Even if you have a better-than-average proficiency in investing, you’ll be very lucky to regularly earn $500/ quarter in dividends and in fact, most people lose money in the stock market. Earning an extra $2000/ year is nice but does not make much difference, especially when balanced against the work required to generate it. But then again, maybe you like the adrenaline rush?

Rental property brings in a much better ROI, but getting into the game is expensive. A two-family house in many areas will cost north of $500,000 and a 10 % down payment plus closing and other costs push the price of entry beyond the reach of many. Couples and other partner groups make the business more approachable and while profits (and expenses and losses) must be split in proportion to one’s investment stake, group buying power allows for more properties to be purchased and the potential to generate a more sizeable revenue stream.

Most rental income investors start by purchasing a multi-unit building and moving into one of the apartments as they collect rents from the others. The rent received is expected to fund the property’s mortgage, taxes and estimated building maintenance budget and that is usually possible. Aspiring owners must research the rental occupancy rate and average rental price of similar buildings in their locale and balance that figure against projected expenses.

Bloggers and newsletter writers must be highly knowledgeable in their selected subject and have boots-on-the-ground experience that gives credibility and earns the trust and respect of readers. Skillful writing that informs and entertains readers is another primary must-do.

Mommy bloggers must be mothers. Food bloggers must be excellent cooks, or at least imaginative and entertaining cooks or alternatively, have the funds to regularly dine in high-end or very trendy restaurants (getting comped may be possible but to maintain credibility, it’s best to pay).

Having expertise in a topic that has better-than-average potential to draw the six-figure audience that advertisers demand makes the climb much easier. Mommy blogs, foodie blogs, travel and fashion blogs are among the most popular in the writing sector. Publishers of business blogs or newsletters trail far behind that flashy crew, I’m sorry to say. Writing a popular business book, usually in conjunction with a VIP client list, a regular column in The Wall Street Journal or some other lofty publication, or a TED Talk, gives much-needed traction.

Travel blogs are not quite a thing in the COVID era but when they were hot, the capital to fund trips to destinations that are either lavish or modest is necessary. Available time to travel is another requirement. Unless one is a flight attendant, who can take a vacation every month?

Fashion blogs require a big wardrobe investment in addition to taking a deep dive into the collections of numerous designers who are based on three continents. In the pre-pandemic era, having the connections or savvy to sneak into the season shows in New York, Paris, Tokyo, or Milan is a big plus for readership and acquiring ads.

Passive income, active maintenance

Time, effort, or money will likewise be required to sustain a passive income stream once it’s launched. Continuing to sell ad space on a blog or newsletter is predicated on maintaining, if not expanding, a big readership or ads will be pulled and passive income lost. Compelling topics must continually be presented. Three or more audience-grabbing social media accounts that are designed and continually tested for maximum audience appeal must be maintained, to promote the publication and deliver the readers to advertisers.

Investors must study the mutual funds, bonds, precious metals, commodities, or stocks that have historically produced results that beat the market (such as Index Funds). Researching companies to learn about potentially market rocking products and services that are due to be released and can be expected to have a positive impact on the company stock price is an ongoing responsibility of successful investors. At least weekly monitoring the performance of one’s portfolio goes without saying.

Rental income, while it usually produces a very good ROI, can be a real headache because one must deal with people, the tenants. Their lives and problems can become your drama. The pandemic affiliated job losses have caused millions of Americans to be unable to pay their rent on time and in full. This outcome has put thousands of small investor property owners in jeopardy regarding the big mortgage they may owe on their recently purchased property. If that weren’t enough, taxes are only going up and maintenance costs are never-ending. The real estate market, while still lucrative and reliable, is more risky of late.

Going forward

If you have a certain skill set, time and capital resources to create a passive income stream by way of a potentially lucrative activity or business proposition, do yourself a favor and develop a comprehensive strategy, in fact a business plan, to improve your chance of success. Identifying, launching and sustaining a reliable passive income stream is essentially starting a business. Considerable up-front effort and capital may be required and there are no guarantees, only management of risks.

Thanks for reading,

Kim

Photograph: Kim Clark. At the Prudential Mall in the Back Bay of Boston, someone who might be working on creating a passive income empire.

Technology / Office , Leave a comment

Virtual Meeting Primer

by

Virtual meetings and virtual classrooms are here to stay no matter what happens with the coronavirus or any other virus—or tornado, or earthquake, or blizzard. If you have not yet presided over a virtual meeting, maybe to touch base with your team, or discuss a product or project with a prospective client, the tea leaves say that you will. So let’s get you ready so that you’ll perform at your best.

Everything done to prepare for a face2face meeting will likewise be done to prepare for a virtual meeting. Propose a draft agenda. Invite the stakeholders and any others who have the authority to impact the initiative that will be discussed. Suggest a meeting date and time. Decide who should be invited to speak at the meeting and include those persons on the agenda.

If Power Point slides will be used by any speakers at the meeting, ask for their slides to be sent to you 48 – 72 hours in advance of the meeting, so that you can have them ready for each speaker. Send the confirmed agenda and necessary hand-outs to all participants one day before the meeting (so they don’t get lost in anyone’s email).

The facilitator of the meeting, whether face2face or virtual, has a few unspoken duties to ensure a positive outcome for the meeting and it is in these fine points that the differences between face2face and virtual emerge. Meeting participants are not in a room together and while it is tremendously more convenient than traveling to the meeting venue, communications will be adversely affected.

Reading nonverbal cues, facial expressions and even tone of voice can be difficult and cause misinterpretation. Those who are not scheduled to speak can easily turn themselves into virtual wallflowers and say not a word beyond the initial round of greetings.

For those reasons, virtual meetings require a higher level of facilitation skills. If the meeting platform you’ll use has a tutorial by all means take it, so that you’ll know how to use tools that will enhance the meeting experience, and therefore outcome, for everyone. Give yourself an hour, or even two. There are just a 4-5 simple things to learn, study up to ensure that you’ll be at ease when implementing them.

Meet & greet

First, ask participants to sign on 5 minutes ahead of the announced start time to make the introductions easy and avoid the need to introduce late arrivals. Late arrival is more awkward in a virtual meeting because it’s not possible to see that person slip into the room and a new face popping up on screen may not be noticeable to everyone.

As close to start time as is practical, thank participants for attending and give a general greeting. Then kick-off a round robin of introductions and greet everyone by name. Better still, if you’re at the controls, flash each person on screen and invite him/her to self-introduce. Here is when you get people talking. This step is an ice-breaker.

If there are participants who have not met before, request that self- introductions include first and last name, plus title and department. Announce late arrivals as soon as is practical. If it’s not too disruptive, invite late arrivals to introduce themselves.

Tools tutorial

Walk meeting participants through the virtual tools, because some participants may not be especially proficient. Chat, hand-raise, yes or no, break-out room and poll are the most common items. These tools are very useful in keeping meeting participants focused on the agenda and discourage the temptation of wandering attention.

As you plan the agenda, think about how you can judiciously create an opportunity for a poll, a hand-raise, or even a break-out session that will allow small groups of two or more participants to have a short, tightly focused discussion and then take their findings back to the main meeting for a general discussion.

Hand-raise

Strictly speaking, a hand -raise sign indicates that a participant would like to speak, just like in a face2face meeting. You, facilitator, will acknowledge the hand raise as soon as practical and give that the individual the floor. The hand-raise can also be used as a vote or poll, but you have other tools for those questions and as a way to keep the content interesting, I suggest you use those.

Yes/ No

The green Yes and red No checkmarks are useful for a quick, general question that you, or a presenter, puts to the group. The question can be as easy as “Would we like to cover this one additional subject and keep the meeting in session for another 15-20 minutes?”

Chat

The chat function allows for public or private chats and participants should get a tutorial on how to utilize each. A chat can be used to ask a question to the presenter and s/he can address the question during the presentation. One participant may have a question for another participant and can use the private chat function to do so.

Polls

There may be times when a speaker may want to get the opinion of those in the room and polls allow participants to express opinions anonymously, which encourages honesty. The facilitator will type in the question, or prepare a question in advance and have it ready. Click and all participants will be given time to indicate and submit their answers.

Break-outs

If there are perhaps 8 or more participants it may be useful to allow groups of 3 – 5 people to discuss a specific question. Break-outs are good for relationship building because their use allows a small group of participants to get to know one another in a safe, small space where they may be more comfortable speaking freely.

Power Point slides

The facilitator must learn how to operate the slides, since s/he will be at the controls. As in any meeting, Power Points will visualize and enhance the speaker’s presentation. A short slide presentation will be yet another way to maintain the focus, attention and engagement of your virtual meeting participants.

Lastly, I recommend that virtual meeting facilitators request that a technically adept person be on- site during the meeting. Regardless of what the facilitator understands to be a correct technical set-up, crashes can occur and someone with better than average IT skills may be needed to re-start the platform. I know this from humiliating personal experience.

Yet if your virtual meeting tanks, all is not lost. Another useful tech back- up is our old friend, the conference call. Have a dial- in conference number ready. If disaster strikes, email the conference number and Power Points to participants. A/V material can be downloaded and opened on laptops or tablets as you work through the agenda on your mobile.

Thanks for reading,

Kim

Photograph: Kim Clark

Administrative Leave a comment

The Captain and the Team

by

According to a U.S. Census Bureau report that documented business activity through the first 37 weeks of 2020 (i.e., 3Q2020), COVID-19 related business closures, some temporary and some permanent, have resulted in an unexpected outcome. Counterintuitively, there have been relatively few personal bankruptcies but rather a surge of legal entity applications filed by Freelancers and entrepreneurs who will likely to hire employees. It is clear that lay-offs and furloughs have convinced many former American workers to trust their own skills and ambition more than the uncertainty of being rehired.

Applications to obtain limited liability company or corporation status by Freelancers increased 16% over the same period last year, according to Census Bureau data. Might the urge to become one’s own boss be fueled not only by doubts about re-employment, but also the infusion of stimulus money? The price of entry into self-employment is low for B2B service providers and stimulus money is a natural for bankrolling start-up costs.

Still, self-employment as either a Freelancer or business owner and employer is no cakewalk. The biggest challenge to self-employment success will be acquiring clients; savvy and consistent marketing and your relationships will go a long way to help the business, but selling a product or service that has an adequate customer base is the deciding factor.

2019 Bureau of Labor Statistics data show that 20% of small businesses fail in the first year of operation and only 50% or so will survive into year five (there is no data collected for Freelancers, sole proprietors or those with a legal entity). There is a lot to plan for when launching a business, plus Key Performance Index metrics to monitor, interpret and act upon (or not).

First, know there is a sufficiently deep market for the products or services. Second, know how to access the customers. Third, devise a sustainable and appealing business model. Fourth, secure adequate funds to provide working capital that allows the operation to cover expenses and otherwise function.

Another important resource for Freelancers and business owners is a team of experts from whom you can seek advice and guidance. Freelance consultants and even small business owners are responsible for all decisions. The stress can be overwhelming. It’s impossible to be highly knowledgeable in several fields simultaneously and qualified to make wise decisions all or most of the time. It is very helpful to put together a stable of specialists on whom you can rely when important decisions must be made. Below are professionals whose guidance and advice nearly every Freelance consultant or business owner will need from time to time.

Accountant

An accountant will make sure that the business quarterly estimated taxes are acceptable and filed on time, so that the annual April 15 filing will not result in a surprisingly expensive tax bill due. A good business accountant will also review the financial statements and can make useful fiscal management suggestions. An accountant will also advise you on whether to incorporate the business or form a limited liability company. Finally, if obtaining a loan or taking on investors or partners is a possibility, your accountant will provide invaluable advice. Yes, a business attorney can advise you well on the choice of legal entity for the business and also the matter of taking on partners or investors, but will not prepare tax forms.

Graphic Design

Maybe you’d like to update your business cards or some other marketing collaterals, such as a stand-out Capability Statement that makes the company appear highly reliable and trustworthy, a real asset when approaching a prospective client. Or maybe updating the look of the company newsletter or blog is the goal. Knowing a good graphic design specialist is always useful.

Human Resource

Have you read your medical or dental insurance policy lately? Hire an H.R. benefits specialist to look it over and verify that you’re covered in the way you intended. You might also speak to an H.R. guide about your retirement plan or employee retirement plan options you offer. If outsourcing a function or hiring an employee are decisions you are pondering, an H.R. job analyst and design specialist will figure out the type of employee you and the organization need. An H.R. compensation specialist will help you set the pay scale.

Insurance

If you had met with an insurance agent 12 months ago, perhaps you would have known to purchase business interruption insurance for your organization and the COVID-19 shutdown would have been less financially damaging. The type of business you operate will determine the type of insurance it would be wise to buy. Be advised that the business legal entity does not protect a company from every type of liability.

Mentor

Whether things are going swimmingly or the world feels as if it’s crashing in, having a trusted peer to talk things over with is so reassuring. Strictly speaking, a mentor is someone who is more experienced than you and is positioned to make beneficial recommendations and introductions. In practice, you may find a mentor (or two) who is likewise in business, is successful and is your peer and good buddy. If your mentor can make a good client referral every once in a while, it’s a special blessing. If you can return the favor, so much the better.

Technology

If the business has employees, it is almost guaranteed that several computers will be used and that requires a professional to install and program the computers and also ongoing network support. Disaster recovery services to save company data in the event of a system crash, data breach, or other type of hacking incident is another necessity. Maintaining website functionality is yet another requirement. If the company plans a virtual webinar or meeting of some type, bringing in a specialist to do the technical set-up and keep it operating is more important than you may know.

Thanks for reading,

Kim

Photograph: Kim Clark