Author Archives: freelancetheconsultantsdiary

Business Plan , , , , , , , Leave a comment

How Much Do B2B Freelancers Really Earn?

by

As we enter Fiscal Year 2026, it is apparent that Freelance work continues to be viewed as a good choice by American workers who feel the need to generate income to either supplement their W-2 wages or establish themselves in full-time independent employment that will financially support their household. The ability to exercise greater control over their time and design a flexible work schedule, remains a prized benefit of Freelance work. Worker confidence in Freelance employment has primarily been attributed to periodic occurrences of economic instability that many economists say in the current era began with the global stock market crash of 1987. The now common business strategy of downsizing as an effective strategy to slash corporate payrolls and bolster the company’s financial position seems to have begun shortly after the 1987 crash. Ongoing corporate lay-offs, particularly at enterprise companies, finds a growing number of American workers fed up with constant worrying about losing their jobs; increasingly, the proactive worker response is to take charge of one’s professional and economic destiny by opting out of the search for post lay-off W-2 employment.

As more workers are laid-off, there has emerged a growing trend for them to build Freelance careers instead of seeking another traditional nine-to-five job. As of 2024, 20% of (now former) employees have become Freelance professionals or owners of traditional businesses. It’s been reported that 50% of employees age 45 years or younger would seriously consider leaving their current full-time employment if the usual benefits were available to them.

In sum, Freelance earning opportunities are making a tremendous cultural impact on America, as regards the meaning of work and on the national economy. In 2024, more than one in four (28%) of U.S. knowledge workers were in the Freelancers and they contributed $1.5 trillion to the U.S. economy, surpassing the 2023 Freelance labor contribution of $1.27 trillion in annual earnings.

You might wonder what constitutes a ballpark annual earning as demonstrated in a sampling of Freelance enterprises and you could be surprised to learn that Freelancers in the U.S. earn an average annual revenue of over $99,000, with an earnings range of $31,000 to $275,000 per year. As you know, the hourly rate or project fee a Freelance professional can command is influenced by the ability to convince prospects that significant value will be delivered in the process. In addition, enthusiastic recommendations and an admirable client list—characteristics of a powerful brand, you surely notice—-also matter. What do your prospects and clients think you bring to the table that gives them the confidence to pay the project or retainer fee or hourly rate you request for your time and expertise? Do you have on your wish list the goal of making your Freelance consulting practice more lucrative?

Self-employed professionals are advised to price their services in a way that aligns with their competitive market position, not primarily on their years of experience. To make the leap into more prestigious clients and a loftier pricing level that will open the door to more billable hours and perhaps more interesting projects as well, focus on how you might package and sell your knowledge and expertise as a high value consulting product.

Consider the types of problems your prospective clients would like to solve or competitive advantages they’d like to attain and do some brainstorming—what solutions can you provide to satisfy one or more of those agendas? What do you do that can be described as generating recurring revenue for your clients, for example, or providing a solution to other high priority problems and challenges that your prospects are motivated to resolve?

You can apply your knowledge and expertise to any aspect of your prospect’s business—strategy development, operational efficiencies, financial management, digital marketing, technology solutions, public relations, or search engine optimization. Promote your credentials, specialized knowledge, delivery format, outcomes and client list to justify your (increased) rates. Package your expertise into tiered service levels that prospects will find uncomplicated, relevant and easy to envision themselves buying, using and profiting from the solutions and competitive advantages that you will deliver.

When discussing your services with prospective clients, the prices a Freelance professional charges will likely be more acceptable when based on their perceived value in the marketplace, rather than based on their years of experience in the industry. Be certain to showcase the following attributes and achievements, which can be presented as competitive advantages:

Specific skill set. Your skill set will play a vital role in your pricing structure. You can charge a premium price if an assignment requires a strong underlying technical skill set, such as software development or programming, mobile app development, legal writing, or PR crisis communications, for example.

Education and training. Education and certified training can significantly boost a Freelancer’s income. Although this will vary from profession to profession, a bachelor’s or master’s degree or PhD, as well as specialized training certificates earned at accredited programs or institutions usually allow a Freelancer more leverage in pricing negotiations.

Reviews and proven deliverables. Solid references, ideally from three to five client sources, are essential to verify your expertise and demonstrate your most desirable attributes, such as work ethic, problem-solving ability, or collaborative and cooperative working style. Past project reviews provide an easy way for a company to verify a Freelancer’s performance. A large number of positive reviews proves your credibility, which justifies premium prices.

Years of experience. Experience is a valuable resource in any field. The amount that a Freelancer makes typically increases with the years of experience they have in their service area.

Freelancing payment schedules

Keep in mind that, along with a Freelancer’s increased earning potential and flexibility, comes an unpredictable number of billable hours (that is, projects) and an inconsistent payment schedule. The matter of payment can be addressed in the contract and reinforced during the client onboarding process, when the payment method and schedule are confirmed. Below are the usual Freelance payment options.

  • Hourly rate. A Freelance professional may be paid a mutually agreed-upon hourly rate for work produced. Likewise, invoices are sent to the client and payments are made to the Freelancer on a mutually agreed-upon schedule.
  • Project fee. The Freelancer is paid a set amount to complete a project with a defined scope and completion deadline. To facilitate timely payment, it is common for Freelancers to ask the client to pay 10% – 20% (or more) of the total contracted project fee in advance, before you commence work; subsequent payments can be linked to the Freelancer’s successful completion of one or more mutually agreed-upon project milestones. The goal is for the Freelancer to collect from the client at least 70% of the total project fee before all work is completed. It is imperative that Freelancers build in a payment protocol to protect oneself from the unfortunate phenomenon of unpaid work.
  • Retainer fee. A retainer is a recurring payment that a Freelancer receives based on an estimated amount of work for a project’s duration, or a predetermined amount of time. Retainers are typically paid monthly or quarterly.

Thanks for reading,

Kim

Image: © mrakor/depositphotos

Business Strategy , , , , , Leave a comment

Six Strategies to Side-Step A Summer Slump!

by

The long days and warm breezes of summer are here at last! Your projects are completed and clients could be heading out of town, en route to vacation. Maybe a client or two will green light new work just after Labor Day? You also may have a vacation scheduled—but what else will you do this summer? While it may be tempting to succumb to a summer siesta, July and August don’t have to result in lost business momentum. You may decide to work fewer hours, but you can still be productive.

This summer, you can choose to be creatively resourceful and move your business forward in key areas, even while many clients and prospects are otherwise engaged. In fact, because many clients and promising prospects who remain on your radar screen may be more available during July and August (when they’re not vacationing), it may be feasible to schedule some client face time. Positive business relationships are a competitive advantage, able to magnify feelings of trust and credibility that can make a difference when you’re on a short list for being hired.

The summer slowdown is also an excellent time to conduct strategic planning. Unless this time of year is a busy one for your organization, you may find the summer months to be conducive to examining your business operations, financial picture, marketing ROI, workflow efficiency and other areas that will get your company organized and operating efficiently. Once Labor Day rolls around, you’ll be happy that you gave yourself a jump start as the busier fall and winter seasons approach. The six strategies suggested below are meant to inspire you to take decisive action during this season and prepare your business to flourish and grow like a garden in summer.

1. Launch a Gratitude Campaign

While technology has enabled us to communicate and connect from any location that supports internet access, virtual and other online conversations cannot replace the power of face2face relationship building. To that end, consider scheduling meet-ups during July and August. The summer months are usually an ideal time to catch up and sit down with your professional contacts in your locale who’ve been especially impactful—clients, colleagues, prospects who were almost clients, your business support team—bookkeeper, accountant, business attorney, internet security expert and website host—plus the referral sources who have been your cheerleaders. Whether you meet over a “power” breakfast buffet, an al fresco lunch, or after-work drinks at a roof top bar, showing those who’ve advanced your success how much you appreciate their support by inviting them to be your guest will display your gratitude.

2. Host an event

Why not celebrate summer by hosting a networking event? Everyone loves a good party and an invitation to a summertime get-together has the potential to make those on your guest list anticipate a good time and happy to RSVP. A weeknight networking meet-and-greet event could be a wonderful way to nurture important relationships and get to know a few people better as well. A prime source for your guest list could be locally based LinkedIn or other social media business connections. You might also invite other colleagues with whom you’ve become friendly, including those you’ve gotten to know at business association events you attend, whether or not you are a dues-paying member. Schedule your reception to begin at 5:30 PM or 6:00 PM and run for two hours. Order three or four light hors d’oeuvres and consider offering guests a gratis glass of sangria (maybe with a limit of one drink per person) until it’s gone—after that, it’s a cash bar for all and the conversation is sure to flow.

3. Offer summer promotions

Summer sales and special offers are common in certain industries and may work well in yours. The goal of your promotion will be to pique the curiosity of clients and prospects and tempt them to do business now, in order to save money. For example, you might offer a promotion where clients can refer someone to you and receive 15%-20% off their next service or product purchase. Depending on your business and behavior of your clients, a summer promotion may or not may not be lucrative in the short-term but may instead persuade a lapsed client to reconsider your services and products or convince a previously reluctant prospect to finally do business with you. If the outcome of your summer promotion succeeds in generating revenue from either current, lapsed, or new clients, you would be wise to tweak the promotion and repeat the campaign during the December holidays or New Year.

4. Assess and refresh the customer experience

So much of client retention is connected to their perception of the experience of doing business with your organization. Life (and business) is about managing expectations—and you can obtain first person insights on how clients feel about the experience you deliver by sending out a four or five question survey. It’s good business to invite clients to express what they appreciate and would like to see more of and as well, let you know what is no longer useful.

Give your survey good visibility—send it with monthly invoices, post it on your website and social media home pages and distribute it by SMS (and simultaneously test client reactions to that format, if you haven’t previously communicated with clients in that fashion!). Be sure to include a response deadline on the survey to encourage quick replies and give yourself enough data to analyze answers and decide what, if any, changes to incorporate.

Your survey can also be a pathway to collecting and amplifying user-generated content, a resource that can be an excellent strategy for gaining brand exposure and showcasing original content. Using the business’s location geotag or a unique but simple hashtag can incentivize customers to share their experiences, delivering authentic social proof and organically expanding the reach of marketing activities.

5. Optimize business operations

How much more revenue might your entity generate or how much more time would you have—for self-care, family time, social activities, or working on the business—if you outsourced one or more operational functions? You may already have a retainer arrangement with a network manager to keep digital operations up and running and providing cybersecurity, but who else might you hire? What would describe the job specs and how many hours per week seem necessary? Also, how much can you afford to pay? Or maybe it would be better to explore tech or artificial intelligence solutions to automate certain functions, whether client invoicing, email marketing, or chat bot responses to prospect inquiries? A worthy goal for any hiring that you do is to promote optimal customer service while minimizing administrative overhead.

6. Get an SBA/SCORE business coach

Rather than attempting to figure out important business decisions by yourself, why not contact the Small Business Association and ask to be put in touch with one of their experts who can help you to address the issues referenced in item #5? Founded in July 1953, the SBA has provided high-quality and comprehensive business development guidance at either no charge or for a modest fee. SCORE, the Service Corps of Retired Executives, was founded in 1964 as a 501(c)(3) not-for-profit organization, is the nation’s largest network of volunteer, expert business mentors and a resource partner of the SBA. The mission of SCORE is to support SMBs, including Freelance professionals, with mentoring and educational workshops.

More than 13,000 active and retired business professionals, all of whom have entrepreneurship or senior-level corporate experience, volunteer their time and contribute their expertise to regularly meet with their SCORE clients to mentor and coach aspiring and established SMB owners. Mentors work with their clients to address issues and communicate best practices related to starting and growing a business, including writing a business plan, developing products, devising marketing strategies, financial management and business financing options, operations and hiring staff. Clients may connect with a SCORE mentor either virtually or face2face. Furthermore, SCORE presents a wide range of services including training, webinars, online workshops, courses on demand, and a library of online resources.

The SBA also supports female entrepreneurs at its Women’s Business Centers and focuses on veterans of both genders at its Veteran’s Business Development Offices, which operate in all 50 states. Members of Native American tribal communities, along with Native Hawaiians and Native Alaskans, may choose to work with the Office of Native American Affairs, which is also an SBA-sponsored program. Outside of the SBA, Native American current or aspiring business owners and Freelance professionals might also investigate The National Center for American Indian Enterprise Development in Mesa, AZ and/or the Native American Development Corporation of Billings, MT.

Thanks for reading,

Kim

Image: ©skynesher/Getty Images

Marketing , , , , , , , Leave a comment

What Do You Spend to Get a New Customer?

by

Do you know how much you spend, on average, to convert a prospect into a paying customer—attracting the prospect’s attention, educating the prospect about your brand, your services and your products, instilling confidence and building trust—and making a sale? Have you tallied up the combined cost per customer of your marketing campaigns, selling expenses, referral programs, customer onboarding and the like and calculated the average amount of the marketing spend that supports the growth of your customer list—and your revenue, as a result? What kind of a return on investment are you getting from your marketing campaigns and sales strategy?

You may not know in the moment your company’s average customer acquisition cost, but it would be a good idea to update it (or figure it out) and keep that number in mind, because your CAC is a metric that reveals an important story about how your business functions. Customer Acquisition Cost is a key performance indicator, although not necessarily in the way many business owners and leaders think. CAC shines a bright light on the performance of company operations and outcomes, including the business model, which is the essential plan for making money. The metric also reveals the effectiveness of your overall marketing strategy, which reflects your marketing acumen and, in the end, can make a credible prediction of your organization’s potential for profitability and expectations for growth and scalability.

CAC is a metric that can be benchmarked against an industry standard and it’s a smart idea to research your industry’s average CAC and use the benchmark number as a guideline. Learning the CAC benchmark for your industry will enable you to identify a reasonable dollar amount for your marketing and sales budgets and help you avoid either overspending or underinvesting on marketing activities—which you rely on to bring paying customers into the business.

Familiarity with the CAC benchmark in your industry also enables you to evaluate your performance as a marketer. For example, if your company’s CAC is significantly higher than industry average, it could indicate problems with your marketing strategies or sales strategies and practices—-you’re spending money but not bringing in enough customers, or not the right customers, to generate a healthy marketing ROI. On the other hand, if your CAC is rather low as compared to the industry benchmark, it suggests that you may be under-funding marketing. If that’s the case, then theoretically you could assume that spending more on marketing would bring in more customers that fit your definition of ideal. In other words, CAC reflects the effectiveness of your marketing practices and can help you set realistic goals, as well as identify where you need to do better.

Calculate CAC by dividing total marketing and sales expenses by the number of new customers you’ve brought to the business within a given period—annually or quarterly, for example. Because many businesses serve more than one customer segment, it will make sense to separately calculate CAC according to customer segments, which could be based on demographic factors and might also involve differences in sales cycle length or competitive landscape. Incidentally, B2B entities typically have a longer sales cycle and tend to have a higher average CAC than B2C companies.

You’ll also want to segment your spend on the marketing channels you use—e.g., email marketing, social media advertising, customer relations management software subscriptions, and/or attending trade shows—and calculate the corresponding CAC figures. But what does understanding CAC really do for you? CAC is about documenting, analyzing and tracking over time the amount you spend on various customer segments, plus your marketing channels and sales strategies, that are used to convert prospects into paying customers.

There is also the matter of a customer’s average lifetime (revenue) value. You already know that a campaign to bring in a new customer costs at least 5x more than what you must do to retain an existing customer. Nevertheless, you may want to calculate the average amount of revenue that will flow to your business over the length of time that a customer does business with your organization. The question is addressed by calculating Customer Lifetime Value, a metric that is foundational to long-term revenue growth. Additionally, CLV factors into CAC, because it determines the return on investment (ROI) of the customers you acquire.

Calculate CLV by multiplying the Average Purchase Value x Purchase Frequency x Average Customer Lifespan. For instance, if you provide subscription services or have customers on a retainer agreement, you can calculate customer lifetime value by multiplying the amount of the subscription or retainer fee by the length of the subscription or retainer contract (purchase frequency) to arrive at CLV for one customer for one year (CLV is typically calculated on a one-year time frame).

Another useful metric is the CLV: CAC ratio, which compares Customer Lifetime Value (CLV) to the Customer Acquisition Cost (CAC). The ratio documents the revenue an average customer brings to your business, as compared to what was spent to acquire that customer. A desirable CLV: CAC ratio should be at least 3:1, meaning that every dollar of marketing spend will result in three dollars of revenue generated by a customer. A ratio less than 3:1 indicates your company’s marketing efforts are producing less than stellar returns, while a ratio far in excess of 3:1 suggests that you could produce more revenue growth with an increased marketing spend.

Make a point to benchmark your CAC against industry averages and to understand what good marketing and sales performance looks like. Here’s how to get started on figuring out your company’s CAC:

  • Define customer acquisition process and goals.

Make a comprehensive assessment of you acquire customers—paid social media ads, organic social media outreach, thought leadership, e.g. public speaking, hosting a podcast, and/or publishing a newsletter, word-of-mouth and referrals? Have you developed an inbound marketing/ sales funnel to capture prospects who search online to find a B2B Freelance professional services provider in your category? Next, decide what represents a realistic customer acquisition goal for your organization—how many active customers can you reasonably expect to have on your roster in a typical year?

  • Segment your CAC by different variables

Consider how to segment your customers, keeping in mind customer demographics and accounting for the marketing channels and options you employ. Get comfortable with the fact that your CAC for certain channels might be higher than your benchmarked industry average, which means that you’re spending more to acquire customers through those channels. By segmenting your CAC, you can identify the best and weakest performers in your marketing and sales strategy and optimize your resource allocation accordingly by dropping certain options and increasing your investment in better performing channels.

  • Document your marketing and sales budget

Once you’ve chosen your CAC segments, you can look at what each of them costs—identify and quantify all costs directly related to acquiring new customers. These may include advertising, content creation, SEO, social media, email marketing, webinars, CRM software and/or buying your way into business association events that allow you to network effectively. You can use tools such as Google analytics, Facebook Pixel, or HubSpot to track and measure the performance of your different channels and campaigns.

  • Select your time period

Decide on the time period for which you will calculate your CAC—quarterly or annually should make sense for your business. You need to match your marketing and sales expenses and your new customers to the same time period for your CAC calculation.

  • Calculate your CAC

To calculate your CAC, divide the total amount of money spent to finance your marketing and sales activities by the number of customers you acquired in a given period, and apply customer segments that reflect demographic groups and the primary marketing channels you use.

  • Research your industry CAC average

To benchmark your CAC, compare your number with the industry averages for your niche, product or service and target market. Because  CAC can vary widely depending on the industry, the business model, the product, the target market, and the marketing channels used. Therefore, it is essential to benchmark your CAC against relevant and reliable sources of data, such as industry averages and competitors.

  • Compare CAC: CLV ratio

CAC alone does not necessarily indicate a revealing story about the health of your business, but the story will be more telling when you look to CLV and learn the average amount of revenue that you generate from a customer over the span of the business relationship. Be sure to follow-up with an examination of the CAC: CLV ratio, which tells you the amount of revenue generated per money spent on marketing and sales functions. A common rule of thumb is that your LTV should be at least three times your CAC. This would indicate that you have a positive ROI from your marketing and sales efforts.

Finally, keep in mind that CAC is not a static metric and remember that it can and will vary when impacted by various factors, such as certain fluctuations in your industry, organic changes in your product or service lifecycle, marketplace changes, especially changes in the competitive landscape or pricing. You will be wise to monitor and analyze your CAC regularly and adjust your marketing and sales strategies accordingly. 

Thanks for reading,

Kim

Image: © Chestnut Hill College, Philadelphia, PA

Professional Development , , , , , , , , , , , , , Leave a comment

Summer Reading 2025

by

Professional development is like getting regular exercise and maintaining a balanced diet—a gift you give to yourself as you strive to become a successful business owner. When thinking of professional development, conferences sponsored by professional associations or skills building courses held at a college may come to mind but think again—professional development is available in a variety formats. Among the most accessible and affordable methods to obtain professional development can be found in books.

Reading has traditionally played an important role in the development of successful business owners and leaders. When you open a book, a world of ideas, information and insights will be there to enlighten you. You’ll find lessons and experiences that can be critical to your growth as a business owner and leader, shared by authors who give first-person accounts of how they overcame challenges and found success. The books you read can teach you how to sharpen your business acumen and use your newfound proficiency to propel your business forward. The practical knowledge contained in a typical business-themed book can result in your discovery of actionable insights that can become competitive advantages, from refining your decision-making prowess to bolstering your effectiveness when working with teams.

In today’s fast-paced and endlessly-evolving business landscape, continuous education is not only beneficial, it’s essential; but in the age of information overload, it may be difficult to find time to read when you devote the majority of your time to operating your business. Furthermore, you may feel too overwhelmed by the process of researching and identifying topics that will be most useful or interesting to you—the business books genre is a wide field. With those realities in mind, I am happy to share with you a selection of books curated to appeal to Freelance consulting professionals and also business owners or leaders. I hope that one or more titles will interest you. First, here are suggestions that may help you find time to read this summer (and beyond!).

  • Schedule. Like scheduling time for any important task, specifying your reading time will help you choose a convenient time and make it easier to honor your commitment to professional development. Consider reading after dinner, to lend a “relax and unwind” vibe to your reading. You may find the 8:00 – 11:00 PM time slot, three or four nights a week, a great way to wrap up your day.
  • Formats. Especially if your commute is 45 minutes or longer, or your fitness routine is self-directed and not in a class format, consider listening to audio books and/or podcasts as your method to obtain professional development. When in transit or working out, insert your headphones and tune in to an interesting book or program that expands your knowledge, builds skills and enhances your performance as a business owner or leader.
  • Topics. There are many business-themed titles published each year, but it is inevitable that only a select few will appeal to you. Reading book reviews of titles that grab your attention—in the business section of your local newspaper, in the Wall Street Journal or other nationally known newspaper, in Kirkus Reviews , or Goodreads—to winnow potential reading choices as you discover and evaluate titles and authors that may appeal to you and maintain your motivation to read and learn. Below are 10 books to cue up on your Summer 2025 reading playlist.

Company of One: Why Staying Small Is the Next Big Thing for Business (2019) Paul Jarvis

Online-tech veteran Paul Jarvis, whose A-list clients include Microsoft and Mercedes Benz, describes the advantages of running a “company of one,” whether as an independent Freelance professional or as an autonomous, corporate employee. Jarvis has most emphatically not bought into the “grow or die” ethos and prefers instead to operate as a “lean and agile” entity. Jarvis explains how running your one-person shop enables you to both achieve a work-life balance that works for you and, just as importantly, enables you to avoid the need to navigate a potentially suffocating corporate hierarchy and sometimes poisonous office politics. In your little empire, you can work efficiently. Jarvis has learned that smart entrepreneurship isn’t about size—it’s about building a better business that works for you.

 Company of One details a refreshingly original business strategy that’s focused on a commitment to being better instead of bigger. Jarvis has discovered that staying small results in maintaining the freedom to pursue more meaningful pleasures in life as you avoid the headaches and complications that are inherent in traditional growth-oriented business. With this groundbreaking guide, you’ll learn how to set up your shop, determine your desired revenues, manage unexpected crises, keep your key clients happy and find self-fulfillment as you do.

Competing in the Age of AI (2020) Marco Iansiti and Karim R. Lakhani

Here’s a book that is an excellent resource for business owners and leaders whose organizations currently use, or are considering, Artificial Intelligence powered tools in their operations. The authors have produced a useful guide to the realities of doing business in today’s digital landscape and present actionable insights into how introducing AI-driven operating models can enable businesses to achieve scale and scope at an unprecedented rate.

Iansiti and Lakhani show how reinventing a business entity around data, analytics and AI removes centuries-old constraints on scale, scope and machine learning advantages that have traditionally restricted business growth. Recent examples of companies such as Amazon and Google demonstrate how AI-driven processes vastly improve the ability to scale, when compared to traditional data analytical processes, and allow massive scope increase, enabling companies to straddle industry boundaries and create powerful opportunities for machine learning—to drive ever more accurate, complex and sophisticated predictions that make business strategy becomes a new game.

The authors also outline the inherent risks associated with AI and offer recommendations for rethinking current operating models; they also examine the responsibilities that the introduction of AI requires of its users. Finally, Iansiti and Lakhani are transparent about the potential societal impact of AI and point out the potential for algorithmic bias, privacy concerns and cybersecurity threats, along with the need for responsible AI development and governance.

How To Talk To Anyone About Anything (2021) James W. Williams

James W. Williams has written a refreshingly honest, easy-to-follow guide to meeting and greeting and initiating conversations that’s tailor-made for an era when many meetings and even networking opportunities are regularly held in virtual format. As a result, the only avenue to connect with colleagues and attempt to parlay fleeting interactions into deeper connections is hobbled by a computer monitor. Engaging communication skills are increasingly recognized as a powerful and influential competency. 

While some are born with a silver-tongued gift of gab for many, communication aptitude must be developed and nurtured. Williams’ advice is likely to bolster the social acumen of even the most shy and introverted among us, the wallflowers who feel overwhelmed or uncomfortable when attempting to navigate business-slash-social gatherings. If you’ve ever felt awkward in the midst of a meet & greet, or unsure of what to say after an introduction has taken place, this book will show you how to access your communication potential and learn to become a confident conversationalist.

How to Talk to Anyone About Anything provides a user-friendly roadmap that will enable you to practice, grow and eventually shine in social and professional situations. Active listening, small talk and storytelling are situations that the author discusses, as is how to develop the fine art of appearing approachable to your fellow guests when you’re standing alone and wondering if you’ll talk with anyone. Readers will appreciate the many good examples that provide teachable moments and make this book ideal for professionals and social learners alike. Williams’ book is a great soft-skills business resource, that will be a great help to those who struggle with small talk, pitching to clients, or relationship-building within your team. The insights are perfect for occasions where first impressions and informal conversations can open the door to business-enhancing or career-building opportunities.

10X Is Easier Than 2X (2023) Dan Sullivan with Dr. Benjamin Hardy

Call this book a must-read for ambitious business leaders. When the mission is to level up business growth, here are insights that give an eye-opening perspective on how to achieve exponential, rather than incremental, growth. This no-nonsense read can give business leaders and owners actionable insights into scaling their businesses rapidly, leveraging technology and resources more effectively and positioning their entity to stay ahead—of the competition and customer tastes—in a rapidly evolving marketplace.

Businesses leaders often aim to achieve progress, for example, and may focus on doubling their results year over year. However, Sullivan and Hardy argue convincingly that aiming for tenfold growth is not only feasible but also more practical and rewarding. As they see it, going for 10x requires letting go of 80% of your current life and going all-in on the crucial 20% that’s relevant and high-impact.

Readers will find practical strategies and mindset shifts that inspire you to break through limitations and achieve exponential growth. The authors emphasize the power of thinking bigger, setting audacious goals and taking massive action. For business owners and leaders, this approach is invaluable as it encourages innovation, pushes boundaries and fosters a culture of continuous improvement.

Acting Up: Winning in Business and Life Using Down-Home Wisdom (2019) Janice Bryant Howroyd

“Never compromise who you are personally to become who you wish to be professionally” is the core message offered by author Janice Bryant Howroyd, who grew up in a family of 11 children. Here she discusses the principles and techniques that she used to build a multinational staffing agency. The author guides readers through questions of leadership, risk-taking, developing confidence and networking, among other topics.

Howroyd also emphasizes the significance of data-driven and strategic business decisions as she simultaneously encourages readers to take a holistic approach to making the most of both their professional and personal lives. The author addresses as well the topic of diversity from the perspective of a black female entrepreneur and urges readers not to define her by demographics. In sum, Howroyd shares in her book the values she lives by and continues to represent: that of a leader who works for good, for growth and for innovation, for her family values and for the same ideals upon which she founded her company—that success is transferrable.

The 1-Page Marketing Plan (2018) by Allan Dib

“The most common way small business owners decide on this (marketing and advertising) is by looking at large, successful competitors in their industry and mimicking what they’re doing. In reality, this is the fastest way to fail and I’m certain it’s responsible for the bulk of small business failures.” Now you know why this book is included in the reading list!

In The 1-Page Marketing Plan, serial entrepreneur and marketer Allan Dib reveals a marketing implementation revolution that makes creating a marketing plan uncomplicated and fast—it’s literally just a single page! By creating and implementing that one-page wonder, you’ll have an effective marketing plan that you can put into motion. Dib understands that small business owners (and Freelance professionals as well) trying to jumpstart their marketing often don’t have adequate resources—money, time, or expertise—provided by employees or Freelance consultants—that big businesses do. The author has devised a credible alternate path that shows how you can create a basic marketing plan to help steer your business in the right direction and, as Dib himself says, puts you on “the fastest path to money”.

Reset: How to Change What’s Not Working (2025) Dan Heath

Reset offers a guide to fixing what’s not working in your business operations—in systems and processes, organizations and companies and even in our daily lives. Author Dan Heath provides real-world stories and actionable insights that can empower you to create lasting change in your organization—and maybe in your life, as well.

What if you could somehow learn to unlock forward movement and achieve the progress that matters most to you, without the need for more resources—like money and connections? Heath shows how, with the same relationships you have and the same financial resources you can access, it is possible to reconfigure the circumstances and bring dramatically better outcomes to your life. Yesterday, you were stuck. Today, you can reset.

The author explores a framework for getting unstuck and making beneficial changes that matter. Heath says that the secret of success is to find the leverage points—places where a bit of effort can yield a disproportionate return. Do that and you can rearrange your resources and activate those pivotal points. Heath also points out that to even experience the feeling of progress can be a leverage point that can accelerate the arrival of the positive change you desire.

The 48 Hour Start-Up: From Idea to Launch in One Weekend (2016) Fraser Doherty

This can’t be done, you say? Well, author and serial entrepreneur and Scottish citizen Fraser Doherty MBE (who was awarded the honorific title Member of the Order of the British Empire for his achievements) begs to differ. In his book, Doherty provides actionable advice on how to identify and shape a viable business idea that is ready to launch in only two days. Doherty’s reasoning behind the 48-hour deadline is simple—he argues that prospective entrepreneurs (aka wantrepreneurs) spend too much time and energy obsessing over the “perfect idea”. The time they waste waiting for the “perfect idea” to appear is time that could be used refining and adapting that business idea for customers who could actually use it.

The book is helpful with the initial decisions that aspiring entrepreneurs must consider when starting a business. In his considerable experience, Doherty has found that launching a business does not have to involve complicated financial projections, elaborate presentations, or extraordinary innovation. A simple, well-executed idea is what it takes to launch and sustain a successful enterprise and Doherty has done it more than once—the first time while still in his teens. 

Doherty also emphasizes that before you invest significant time and resources, quickly reality-test your idea with potential customers and conduct basic market research. The process will help you gauge market demand for your product or service, assess your main competitors, identify and address potential problems early on and, in general, refine your product or service based on the uncensored feedback received from potential customers.

Good Strategy Bad Strategy (2011) Richard Rumelt

It is a given that developing and implementing strategy is the primary task of a leader—whether military leader, business leader, baseball manager, or tennis coach. The definition of a good strategy could be expressed as a specific and coherent response to—and approach for—overcoming the obstacles to progress. A good strategy works by harnessing and applying power where it will have the greatest effect. Yet, author Richard Rumelt asserts that there has been a growing and unfortunate tendency to equate Mom-and-apple-pie values, fluffy buzzwords, motivational slogans and financial goals with “strategy.”

Rumelt displays an astonishing grasp and integration of economics, finance, technology and history to expose and clarify the often-muddled thinking that is the foundation of too many so-called strategies and his book details a clear way to create and implement a powerful action-oriented strategies that will be effective in the real world.

The book helps readers to recognize and avoid the trap of bad strategy and guides them to adopt good, credible, action-oriented strategy that honestly acknowledges and responds to the challenges that businesses encounter. Rumelt cautions readers that strategy should not be equated with ambition, leadership, vision, or planning; rather, strategy is a coherent, action-backed plan supported by a rational argument.

Rumelt emphasizes that strategies are often confused with goals and visions and points out that a plan is what sets strategies apart from goals and gives you a clear idea of what is necessary to succeed. To evaluate and decide which strategies are suitable for your organization, the author says it is necessary to confirm whether you have the resources to implement your strategy and, in addition, ensure that your strategy fits with your current situation. The actions need to fit with your present circumstances and work together to give you the best possible advantage. After this, you’re well on your way to a faultless strategy implementation.

The Courage To Be Disliked (2018) Ichiro Kishimi and Fumitake Koga

Strictly speaking, this book is not a business book. One might consider it as an accelerator that gives the determination to push forward with a desire to launch a business entity or achieve other important goals. Kishimi and Koga present their book as a dialogue between an older philosopher and a young man. Over the course of five enlightening and thought-provoking conversations the philosopher, who happens to draw from the theories of Alfred Adler, a late 19th- and early 20th- century psychologist and thought leader in that discipline (along with Sigmund Freud, Carl Jung and B. Fred Skinner), explains to his pupil how each of us is able to determine our own life, free from the shackles of past experiences, doubts and the expectations of others. The wisdom that the philosopher reveals is deeply liberating and enables his pupil to develop the courage to change and to ignore the limitations that others, or even the pupil himself, may use to control him.

The result is a book that is both highly accessible and profound in its importance, yet it is not without controversy; certain of authors’ premises you may find shocking or, at least, unrealistic. Still, the book is, at its core, about reclaiming your power and using it to shape the life that is meaningful to you.

Thanks for reading,

Kim

Image: ©Beli_photos

Sales , , , , , Leave a comment

Client Onboarding Best Practices

by

It’s official—the contract is signed and you have a new client! You’re super-excited about commencing work on an interesting project. It’s game on and time to put your best foot forward. As you stand at the threshold of this new opportunity, are you thinking about how you might create a 5-star first impression of yourself and your company? Consider this—you can devise a unique protocol for new (or returning) clients that when implemented will showcase the professionalism of your organization and also officially welcome clients and make them feel confident and even more pleased with the decision to hire you.

Developing a standard procedure that welcomes new clients to your company and inaugurates the working relationship is a practice tailor-made to cast your company in a favorable light. You are already familiar with the ritual of clients asking you to provide certain information when a working relationship begins, in particular your Social Security or Employer Identification Number, mailing address or bank account and routing numbers. Launching your new client protocol will enable you to reciprocate with a process that communicates the competence and sophistication of your business practices. Implementing your new client welcoming strategy will distinguish your organization from competitors and also create conditions for a working relationship that will likely to meet or exceed client expectations.

Right out of the gate, you’ll show clients that they are in good hands, that you’ve got this. It is imperative that Freelancers who operate in the B2B sector present to clients an environment of pleasant and welcoming efficiency that validates the decision to do business with your organization as it walks both parties toward the launch of project work. Demonstrating that dependability and attention to detail are inherent in your organization (i.e., your brand) as you prepare to start project work makes a powerful statement. Clients will recognize that you are capable of managing all aspects of the project and the working relationship, from successful completion of the assignment, to providing excellent customer service assistance, such as making adjustments to address individual client needs or after-sale support and training.

This welcoming process that forward-thinking organization leaders present to clients is called onboarding. Onboarding can be described as a road map that guides new clients through a standardized mutual introduction that’s conducted in advance of starting the project work. Onboarding may also include an after-sale product or service walk-through to ensure clients understand how to optimally use the product or service purchased and review how to bring about the expected solutions. The primary purpose of onboarding is to anticipate and address the most frequent client questions and eliminate miscommunication that may lead to frustration or disappointment with the purchase. A personalized and seamlessly executed onboarding process makes clients feel supported, confident and ready to derive value from the fulfillment of the project work or use of the product or service purchased. Good onboarding makes good business.

Onboarding is credited with increasing client lifetime revenue value—the total revenue you can expect to generate from doing business with a customer during the business relationship. A well-designed and implemented onboarding process enhances client satisfaction and is thought to increase client loyalty, stimulate repeat business and referrals and minimize client churn. Effective onboarding is recognized as a competitive advantage that accesses significant benefits (see below). See also suggestions of potentially useful elements of a B2B onboarding process.

  • Establish a positive and productive working relationship with clients
  • Step One for building the foundation of a successful customer retention strategy
  • Showcase your competence, professionalism and efficiency
  • Enhance your company brand

Schedule a videoconference call or face2face meeting

Within one business day of signing the project contract, schedule a videoconference or face2face meeting with the client’s project leader. This will be your first onboarding gesture, a standard business etiquette courtesy that enables you to meet the client’s project contact (who may not be the person who signed the contract on behalf of the client’s company) and express how pleased and excited you are to work with him/her. Once the pleasantries have taken place, you and the client contact can discuss how to initiate the project work or, if the client purchased a product, e.g., a software service, you will facilitate a tutorial (after-sale support) to ensure that the client will be comfortable using the product.

Because onboarding exists to give the working relationship a smooth and efficient start that is inclined to culminate in favorable results, you’ll want to immediately confirm your access to whatever resources will be integral to efficiently and successfully performing the work. As well, make certain that you clarify the role and responsibilities and availability of your client contact. Confirmation of the project timeline, project milestones and payments linked to achieving the milestones is also best done during the initial meeting with your client contact. Another agenda item is to ask the client contact to describe what a successfully completed project will look like. The answer will confirm what you must deliver to meet or exceed client expectations. Take notes to ensure that you fully understand all metrics the client will use to define success.

After reviewing the important points made, send an email to your client contact to memorialize everyone’s understanding and complete the onboarding process. Your client will be certain to appreciate your attention to his/her needs. Make it obvious that your goal is to produce excellent work that positions the client to look good to the higher-ups at his/ her company. As a final client onboarding gesture, assemble a few branded swag items if you have any, e.g., pens, note pads, tote bags, water bottles and the like, and ship them to your client’s office.

B2B Onboarding Software

To make your onboarding process smoother, there are effective and affordable digital tools that you might want to research. The tools can function as a Freelancer’s onboarding assistants that save you time, keep things organized and achieve the important goal of making clients feel supported every step of the working relationship. Here are B2B onboarding software options to research.

  • Sending welcome emails, scheduling meetings and assigning tasks can be done automatically.
  • You’ll always know where the client is during the onboarding journey and if they need extra help.
  • Receive feedback data on how clients are engaging with your onboarding process, so you can identify sticking points and improve your process over time.

Happy 4th of July and thanks for reading,

Kim

Photograph: © International Churchill Society. Cunard Line’s RMS Queen Mary made her maiden ocean voyage in May 1936, sailing from Southampton, England and docking in New York City.

Marketing , , , , , , , , , , Leave a comment

Create Content That Delivers

by

You will agree that the internet is the leading source of information and entertainment for everyone on Earth who has connectivity. The global data and business intelligence platform Statista reports that in 2025 5.56 billion, approximately 65% of the world’s population, has internet access. To nearly every business entity on the planet, that means about 5.34 billion potential customers—many of whom are too young to launch a buyer’s journey, but some of whom might influence purchases their parents make—are available to receive online marketing information.

While the vast majority of the world’s internet users will become the customers of only a select few brands, the wide acceptance of digital communications gives marketers everywhere the green light to create and post a vast amount of marketing information and the digital space is now awash in content of every type—audio, video, images and text. Audience appetite for content, whether information or entertainment, shows no signs of abating. The number of digital content websites and platforms continues to proliferate and invite contributors to produce still more content, all of which beckons viewers, listeners and readers to show some love and click here, please!

Content saturation of the internet is an inevitable phenomenon. According to the nationally known content marketing expert Neil Patel, nearly 40 % of enterprise companies plan to increase their content marketing budgets this year. Freelance solopreneurs and smaller business entities will likewise continue, or perhaps increase, their content marketing activity as well, but the dominance of content presented by the multinationals can easily cause the comparatively modest content produced by small entities to be overwhelmed as if by a riptide. Freelancers are understandably frustrated with this occurrence. How can you become more visible when your content must swim with the whales—and sharks?

It’s a vexing problem for sure but there is a commonsense strategy, one that plays to your strengths and demonstrates resourcefulness and creativity. The best response to content saturation is to activate your problem-solving ability and devise a strategy that guides you to create content that not only resonates with your audience, but also positions you to gain and maintain the attention and loyalty of your target audience. Whether your information is intended for social media posts, or focuses on developing and promoting content featured in your webinars, weekly blogs, or monthly newsletters, be reassured that content perceived as valuable will be acknowledged and followed by your target audience. It’s just about guaranteed that content featuring information that is specific, practical and actionable will result in a loyal and thriving audience who will regard you as a trusted expert. So, your mission as a content producer is to learn what is meaningful to your readers, listeners and/or viewers and let their priorities guide your content development and distribution strategies.

Educate yourself by reading articles that discuss from local and national perspectives developing trends, pending legislation, competition, opportunities and other updates in your field. Producers of relevant content must also be consumers of relevant content! If producing content figures prominently in your marketing strategies (and I know that it does), you may find one or more of the following five suggestions able to enhance the value of your marketing content and also position your content to bring in a healthy ROI—which might include establishing you as a thought leader.

Relevant, realistic and relatable information

Content that your audience considers to be relevant and practical is more likely to be valued, implemented and shared. Gaining a reputation as a reliable and respected source of content by your audience will incline them to become your followers or subscribers. Content that your viewers, listeners, or readers consider potentially actionable and known to be trustworthy can also encourage loyalty to you, your content and your organization and may persuade some to become your customers. To create content that’s considered useful and trustworthy, and resonates with your audience, you must stay ahead of emerging trends in your industry and be aware of and responsive to the evolving preferences, priorities and concerns of your customers.

Actions are easy to implement and afford

Your audience should be able to envision the usefulness of the actions or strategies your content recommends, even if only a minority of them is prepared to implement your ideas now or in the near future. Individual circumstances will dictate what audience members decide to do, but any advice put forth in your content must inspire confidence.

Furthermore, your content should not recommend actions or strategies that involve implementation costs that many would consider expensive. I’ll go so far as to say that the average B2B content viewer is looking for ideas that can, with a minimum of time and fuss, be used to grow their customer list, streamline business operations and either save or make money—practical advice that can be implemented at no cost or low cost. While business expenses are inescapable, content creators win more fans by recommending actions that demonstrate recognizable value and are accessible and affordable to the majority of the audience.

Your content is your own creation

Rather than doing a copy/paste of another’s work, content creators should value their lived experience—victories won and battles lost, resilience found, the worries of sleepless nights and sudden inspirations—and share those stories with your audience in ways that will be interesting and useful to them. Producing content is usually time-consuming, but that is the price of authenticity and it is worth it. To give yourself a starting point for your creative process, search for trending topics in your field, or comment on an aspect of the most frequent internet search questions related to your marketplace sector that were made over the past week.

Links to expert 3rd party support

In this post I’ve referenced marketing expert Neil Patel and the global business information platform Statista. Demonstrating to your readers/listeners/viewers that key points of your content are supported by recognized nationally or globally respected thought leaders gives them reasons to trust and value the recommendations and insights offered in your content.

Avoid confirmation bias

Content that is valued and popular is shaped not by the creator’s preferences, but by the readers/viewers/listeners in the audience. A common tactic used to help creators avoid confirmation bias is to simply ask audience members what they want to see and hear now, so that you can ensure the relevance of your content. Every few months, you might create a short survey that encourages content viewers to express what matters to them. In a four or five question survey, you can also slip in one or two audience demographic questions—Are you self-employed or an employee? What is your main area of expertise?—and begin to build an audience persona, which will enable you to heighten your responsiveness to your audience.

  • Social media polls Your preferred platforms provide a convenient means to create and send a survey that will help you learn more about your audience. Social media platforms make it easy for you to engage and more effectively communicate with audience members by providing fully customizable forms that help you expand your reach and even grow your base of followers. Polls are equipped with analytical tools that will give you information on your audience’s age group, location, profession and more.
  • Online and email surveys. The most important part of conducting online surveys is knowing what you want to learn from each question, and to keep questions short and easy to answer. You can also create email campaigns to survey your existing client base and gain valuable insight about them. For a very basic customer survey, ClickInsights sets up a one-question, one-click email survey; create a more extensive survey at Survey Monkey.

Thanks for reading,

Kim

Image: © A Tokyo soba noodle delivery in 1956. Bettmann Archive/ Getty Images

Survival Strategies , , , , , , , , , Leave a comment

Rev Up Resilience To Ramp Up Productivity and Reduce Stress

by

Is it my imagination, or has life become increasingly stressful year after year? In my experience, it feels as if navigating normal life (is there still such a thing?) and being productive in one’s occupation requires more effort than was necessary just a few years ago. The bar for success seems higher and the level of productivity (and luck, I might add) required to win the race is consequently higher.

Productivity is a multi-faceted function and we’ve examined how to maximize its application from technology, marketing and sales perspectives. Today, we’ll examine the impact of health on productivity and get ideas on how to do what must be done without damaging one’s physical or psychological well-being.

BTW, the American Psychological Association agrees with my observations. According to its 2023 Work in America survey, 77% of U.S. workers experienced job-related stress during the previous month and 57% reported negative outcomes as a result, including emotional exhaustion and lack of motivation that undermined their ability to do their best work. Stress and its usual byproducts, burnout and anxiety are also linked to the often-celebrated hustle culture, whose supporters brag about their marathon workdays and insist that the sacrifice is the price of admission for attaining a thriving business or career.

In the beginning hustle culture can be helpful and that pedal-to-the-metal work ethic will propel you toward your goal. But in the long-term, being a workaholic (that’s the old-school term) can cost you your health—and it might even undo the success you’ve attained. Lengthy periods of intense stress carry significant downsides, physical and psychological, including loss of energy, concentration and creativity—the building blocks of productivity that hustle culture is supposed to enhance. When you’re constantly in overdrive, the brain’s capacity to focus, exercise good judgment and perform other “executive” functions deteriorates. Related cognitive assets, notably decision-making, problem-solving and strategic thinking, can also weaken. The inevitable outcome is that productivity craters.

So how can you improve your capacity to be productive and enhance your executive cognitive functions along the way? It may sound counterintuitive to some, but when you’re not just determined, but also realistic, about achieving important goals, the first step is to step away from the hustle culture fad.

You may be convinced that hard work is the partner of ambition and to a great extent that is true, but pushing yourself to exhaustion is almost guaranteed to result in an assault on your physical and psychological well-being. Instead, you will be wise to regularly nurture and replenish your energy stores to cultivate resilience, minimize stress and bring about strength, focus and calm control. Reserve those hustle culture 12+ hour workdays for extreme circumstances, such as responding to an emergency or meeting an important deadline. Prioritizing your health can be treated as a strategic imperative—is it not your greatest resource when all is said and done?

Organize and prioritize

Managing time is central to facilitating productivity. Strategic time management minimizes stress because it gives you a road map for your day and the road map enables a sense of calm control that makes productivity flow. When you have too much on your plate and you’re putting out fires and everything is an emergency, the secret to navigating the chaos is to create a road map that prioritizes your tasks from the top down—most important to least important. If you’re unsure about which tasks are most urgent, confirm the consequences for late completion by checking deadlines, investigating the potential of missed opportunities, or incurring fines. Another idea is to consider the reward or risk of the task’s completion. For example, will completing this task provide increased revenue? Asking yourself these questions can help narrow down the true priorities on your to-do list.

Maximizing productivity and minimizing stress requires that you take ownership of your schedule and plan your time so that you can manage your workflow. Time management is the secret sauce that will make you feel in control and less stressed, no matter what kind of workload you’re dealing with. A realistic to-do list can be very helpful as well as empowering. Even if events conspire against you and you don’t quite complete your daily itinerary, you’ll know what you must do the next day, or later in the week. Best of all, you’ll be confidently on your path to improved productivity as you become more realistic about scheduling and estimating time commitments.

Once you’ve determined your priorities, you can assess what you can handle and begin to identify tasks that might be handed over to an expert. Bringing in reinforcements is a crucial step in successfully navigating chaos. Today’s business reality is that there are not infrequently too many to-do’s for one person to handle. Business leaders must learn to delegate to a team member or outsource to an outside expert.

Delegate/ outsource

If you’ve come to the realization that there aren’t enough hours in the day to get through your typical to-do list, it’s time to behave like a real leader and off-load some of the work. If you have employees, evaluate the feasibility of delegating certain tasks. If you are a Freelance soloprenuer, examine your budget and evaluate the feasibility of outsourcing certain tasks.

Outsourcing is the practice of delegating certain business functions to an external individual or agency with the goal of enabling the business owner and/or employees to focus on primary tasks and responsibilities. Outsourcing enables Freelance consultants and other business owners to devote time and talent to the organization’s core functions by selectively delegating certain tasks to a highly skilled external expert. Removing certain tasks from your plate will enable you to focus on projects that are core to your business, as it factors in that you may not have either the inclination or expertise to optimally complete certain tasks. Accepting your limitations, something we all would be wise to do, should allow you to both improve your productivity and also lower your stress level.

  • Choose the right tasks    You, team leader, are responsible for understanding and communicating the strategic, big picture view of the work.  Subcontractors and part-time help are responsible for their area of specialized skills.  You coordinate all tasks and ensure that milestones are met and the deliverables are provided within the project deadline and budget.
  • Provide resources and authority Ensure that that employees or outsourced help will have the resources—information, time, budget, equipment— and the authority to do what you’ve asked of them.  Don’t make them run to you whenever they need to take action.  Rather, empower them and let them apply their intelligence and creativity to making you look good.
  • Establish expectations Especially if you delegate to an employee, explain the goals of the task(s) and how it supports short or long-term plans.  Explain also how results of the work will be measured. Confirm that those who work for or with you understand their individual responsibilities and the collective goal. Make sure that the goals are SMART: Specific, Measurable, Attainable, Relevant and Timely.
  • Provide feedback and acknowledge success   Monitor performance and quickly correct any misunderstandings or problems. Find teachable moments and provide training or useful suggestions when needed.  Encourage and enable excellent work to keep people motivated and productivity high.  Employees or Freelance consultants you’ve hired will appreciate that you recognize and diplomatically call out superior work and will rectify weak performances with the proper coaching.
  • Relax and recharge The first ingredient in your productivity enhancement recipe is sleep. Inadequate sleep is epidemic these days and it is seriously detrimental to one’s health and ability to manage stress.  An unexpected outcome of sleep deprivation can be weight gain, which can be exacerbated by the release the stress hormone cortisol, which increases appetite.  When we are fatigued, our choice of foods is usually unhealthy and laden with sugar for an energy boost, or high fat, or salty.  The stage is then set for taking on unwanted pounds (and I’ve been there!). As you know, fatigue undermines creativity, judgment and decision-making, productivity and self-discipline.  Do what you can to get in those eight hours or so each night.  Getting enough sleep just might help you discover the energy to begin (or restart) a regimen of regular exercise. Exercise provides physical release and reduces tension and stress, calms and clears the mind, helps us to sleep better and even improves self-esteem. Exercise also improves the functioning of the immune system and in the process helps us to fight off certain diseases. You may play a sport, ride a bike, swim, walk, do aerobics, yoga, Pilates and/or lift weights. Experiment with different types of exercise to learn what you like and do it on a regular basis. 

Thanks for reading,

Kim

Image: © Ljupco for Getty Images

Marketing , , , , , , , , Leave a comment

Let’s Optimize Your Website Chatbot

by

Over the past several years, you’ve most likely noticed that chatbots have become a standard feature, particularly on corporate websites. Whether the user is a prospect on a buyer’s journey, searching for basic product info, or a customer looking to resolve a (hopefully!) quick service request, maybe an exchange or return, experimenting with the generative AI powered resource known as chatbot seems reasonable to many. After all, if it appears that you’ll be able to transact your business more quickly and easily, why not give it a try?

But unfortunately, many users have been disappointed by what they expected would be a good experience with a time-saving new technology. A survey conducted in 2023 found that while 68% of business website visitors have interacted with a chatbot just 35% agree that most of the time, the chatbot helped them achieve their mission. Meanwhile, 77% of users felt their chatbot experience was frustrating.

Duly noted but nevertheless, the corporate bosses are determined to making GenAI adoption a success. They’ve decided that chatbots are the future and the future is now; they envision chatbot as the portal where customers and prospects will access product information, register complaints and obtain refunds or exchanges—all without the assistance of the company’s (paid) employees, BTW.

The bosses are fully aware that these often mundane interactions are critical to customer satisfaction and loyalty, brand image and sales but as of now, users are reporting that their chatbot interactions are lacking. The 2023 survey referenced above also showed that 88% of business website visitors would rather speak with a human customer service agent via telephone when seeking information or resolving a problem, clearly indicating that today’s chatbot is in need of refinement. The current fixes don’t always work, according to users, resulting in what could be a great resource to come up short because the solutions that users want aren’t programmed into the thing. If the corporate champions of generative AI chatbots would like to realize its full value—and I suspect that even disappointed users would agree that the potential value of generative AI chatbot is considerable—the customer experience must be prioritized when programming and implementing the technology.

Customer service and IT teams are on notice to fix chatbot problems and fortunately, they are beginning to realize that the chatbot challenge isn’t primarily technological—it’s psychological. It seems obvious that chatbot developers would be greatly assisted by researching and verifying the solutions that users want and their expectations regarding the overall chatbot experience. In a 2024 survey, 85% of customer service leaders reported that they are currently exploring more user-friendly chatbot solutions.

So, Freelancer friend—does your website have a chatbot or have you, like me, hesitated to adopt a resource that ought to be a good thing, but your own user experience with the technology hasn’t lived up to your expectations? Or maybe those of you who have installed a website or social media chatbot might like to improve the experience? If you’d like to refine the responses, visit the Frequently Asked Questions document, which is the knowledge base for the chatbot. You’ll be able to make edits there and the chatbot will integrate the new information in its responses. Below are enhancements you may want to incorporate as you work to optimize your company’s chatbot experience and facilitate user satisfaction, enhance the perception of your brand and drive sales.

Conversational tone preferred

Research has shown that up to 35%  of customers behave differently when interacting with chatbots, as compared to a human agent, because interacting with a machine feels less personal. Make your chatbot communications more personal and welcoming by programming the system to respond like a friendly and efficient human customer service agent. A conversational yet professional tone, appropriate expressions of empathy (“I’m sorry to hear that”) and giving other common responses that (“How does that sound?”) can encourage users to feel comfortable and trust their chatbot interaction, behaviors that contribute to a positive customer experience. Also, creating a human-like avatar and giving it a name makes users feel that your chatbot is more relatable and trustworthy.

Your chatbot can even “learn” to give understated compliments that can discreetly recommend purchases. In fact, many customers respond favorably to gentle endorsement of their choices (“Yes, this tie will look both fashionable and professional”) and up to 12.5% are inclined to accept chatbot purchasing recommendations. Still, be aware that attempting to make your chatbot too chummy by programming in what can be perceived as false flattery and a turn-off. Overly personal language triggers suspicion and makes customers feel manipulated. Keep the compliments fact-based, professional and aligned with the professional tone that customers expect from a chatbot.

Customers in a hurry want just the facts

Customers who are in a hurry, or those who are upset and feeling that expectations have not been met, just want to fix their problem, quickly and satisfactorily. Feelings of disappointment and frustration override the preference toward human-like chatbot responses. Research has found that dissatisfied customers were 23% less satisfied when met with conversational chatbot “empathy” when there is a problem to fix. At those times, customers prefer a straightforward, all-business chatbot interaction that is fast and efficient.

Furthermore, conversational responses can raise expectations and inadvertently heighten frustration if chatbot responses do not quickly and accurately produce problem resolution. It will be useful to program your chatbot to shift into all-business mode and respond quickly and clearly when frustration or urgency are detected. In high-stress situations, it’s better to not seem “human” at all.

Advertise accuracy

Advertising the potential benefits of using your chatbot is a good thing! Let visitors to your website or social media sites know that your chatbot is able to quickly and correctly answer questions and solve problems, save time and make accessing information easy. Broadcasting the likelihood of success generates the expectation of a positive experience, promotes trust in the chatbot and encourages customers and prospects to take a chance with your chatbot. Inviting website visitors to “try it, you’ll like it” can potentially increase chatbot engagement by up to 22%, according to a 2021 study.

This point was reinforced in another 2023 study of chatbot interactions that revealed when users engaged in identical conversations with human customer service agents and the chatbot, 8.5% reported they were less satisfied after using the chatbot. But when chatbot benefits were highlighted, for example, announcing 24/7 service availability, 37% of that same subject group reported they were more satisfied with the chatbot than with the slower, and less-available, human agents. Give your chatbot an enthusiastic endorsement and you’ll encourage its use.

Getting better all the time

The best way to improve the performance and acceptance of your chatbot is to help it get “smarter”. Research shows that users were up to 17% more likely to accept the chatbot’s suggestions when told that the chatbot is on a continuous learning curve and is not limited by a static algorithm that’s upgraded only intermittently. It seems a chatbot that’s “enrolled” in ongoing continuing education is favored over a presumably knowledgeable human customer service agent.

In other words, tell the world that your chatbot is always being improved with the ongoing addition of new information and user feedback. It’s like working with an enthusiastic young intern—users may be inclined to forgive occasional small errors and appreciate that each interaction will be better than the last. Without this explanation, some users might have limited confidence in this resource (perhaps a result of underwhelming, if not disappointing, chatbot experiences on other sites). Make the effort to optimize how your chatbot communicates by training the technology to deliver customer service that meets, or exceeds, user expectations. Finally, know that it is also important that human interaction should be available to your customers and prospects when they request it.

Thanks for reading,

Kim

Image: © Dzmitry Auramchik

Marketing , , , Leave a comment

Find Your PR Sweet Spot

by

Establishing the image of your business entity as a valuable and noteworthy presence in its marketplace, and also the community in which it operates, is a worthwhile goal for every business owner. Bringing attention to the distinctive qualities and contributions of your business entity confers respect and confidence and portrays your organization as deserving of your business. The actions that an organization takes to disseminate and manage strategically selected information about an organization (or individual) that is intended to achieve that goal is the function of public relations, and it is part of a company’s marketing strategy.

Marketing, along with its subspecialties, advertising and branding, are discrete methods of communicating with a company’s target customers; business owners typically create specific strategies to activate these segments. All of these processes will, ideally, work in tandem to deliver your company’s message to your target audience—define and establish the desired company image, promote company name recognition, generate and maintain the trust of current and prospective customers that distinguish your organization from its competitors—and encourage sales.

PR vs. marketing, branding, advertising

Communication is the core of marketing and all of its subspecialties. The role of marketing is to build awareness and encourage sales of the company’s products and services by using one or more promotional strategies—for example, email marketing, social media marketing, or content marketing. The role of public relations is to generate media exposure and promote name recognition for the company, with the intention of encouraging (positive) interactions with current and prospective customers and, ultimately, to amplify the renown and respect of the brand. 

The brand is the foundation of the company’s reputation and represents its essence. The role of the brand is to establish and maintain a compelling and memorable image for the company and its services and products; the brand reflects the attributes that differentiate your company from competitors. The brand is often supported by a story that articulates the business vision, mission and core values. The branding process typically entails the creation of a brand identity, a personality and a perception, for your company and its services and products that will define how you would like current and prospective customers to feel about the company when they encounter or interact with its name and/or logo.

The role of advertising is to promote the sale of company services and products by using images, audio, and/or text promotions that a company pays to have featured in print or (audio or visual) digital media outlets that are followed and trusted by the company’s current and prospective customers, with the intention of increasing awareness and encouraging sales.

Media exposure and name recognition

As noted above, the function of public relations is to advance company name recognition and media exposure by facilitating mentions in selected media outlets, for the purpose of cultivating and maintaining a positive image. PR is meant to amplify the brand image by providing exposure (publicity) that presents positive and compelling information about the company that is intended to encourage engagement, customer loyalty and, ultimately, sales.

PR is utilized to give the brand a flattering shout-out that is featured in media channels and outlets familiar to and respected by target customers, professional peers and the community in which the company operates. PR is about creating buzz for your business, to pique the curiosity of current and potential customers and motivate them to experience a positive reaction toward your company.

PR’s principal strategy is storytelling and it’s up to you to shape your PR topic, images, text and narrative to tell your story in a way that achieves your goal. To maximize its effectiveness, design your PR to grab attention and capture the interest of the audiences you want to know about your company (and you). Those who encounter your company’s PR might even become interested enough to visit your website or social media platforms to learn more, or get an update, about your company.

So what does PR mean in real time?

There are about a half dozen subspecialties of PR that businesses commonly use, for example public affairs and crisis communications, but Freelancers and owners of small businesses are mostly interested in media relations as a way to obtain third-party credibility for their company when target customers, along with your professional peers and also the general public, might find positive news about the company supplied by an unbiased source.

Freelancers and SMB owners might consider launching a media relations PR strategy by leveraging your professional knowledge and experience to propose yourself to media outlets as an expert source. An expert source is a knowledgeable source who is invited to provide a quote that is included in an article or segment featured in a print, visual, or audio medium. Serving as an expert source is a desirable opportunity and is usually accessed by way of a relationship with a journalist or editor.

You might be able to initiate media relationship by simply telephoning or emailing business editors or authors of business articles at your preferred outlets. Be advised that Freelancers or SMB owners will be more likely to find success by approaching smaller media outlets. Perhaps an even better tactic can be used by those who place paid advertisements in those media outlets. A savvy and proactive move would be to reach out to your contact in the advertising department and ask for a referral to the business editor or the right journalist. The gatekeepers of most media outlets are likely to look favorably on an advertiser who also has the credentials to serve as an expert source on business topics.

Now when you have a potential story, meaning an announcement or other information that the media outlet’s readers may be interested in, the standard practice is to create and send a press release to initiate contact with your targeted media outlets. Your press release has two functions—first, to clearly and succinctly detail the who, what, when, where and why of your info and second, to initiate the process of cultivating media relationships.

Before you send your press release, confirm the media outlets to approach by telephoning or emailing the business editor and asking if there may be an interest in your story. No editor or journalist is interested in a story unless they feel the story will resonate with their readers or viewers. If you get the greenlight, then quickly follow-up by sending your press release. In a day or two, reach out to confirm receipt of your press release and ask again how the editor/journalist feels about the relevance of your information or announcement.

Yet another PR strategy, albeit one that will entail an investment of several hundred to several thousand dollars, is to campaign for a local, or national, business award. Organizations typically have many categories that provide multiple pathways to winning award. As is demonstrated by the music industry Grammy Awards and the movie industry’s Academy Awards, receiving an award is nearly always considered newsworthy by media outlets. If you’ve got a great client list and/or your sales revenue is solid, you may want to consider this option.

Access your PR sweet spot

  • Earned (unpaid) media PR exposure can be obtained by giving a quote to a media outlet that covers your area of expertise. Register with Help A Reporter Out (HARO), a service that connects journalists with expert sources has resumed operations after a brief closure. Invitations to give a noteworthy quote that addresses the requested subject are selected on a first-come, first-served basis can set you onto your path to amplifying your credibility and could open the door to additional PR opportunities. Stay close to your email.
  • If your budget allows, consider paid media exposure, perhaps by campaigning for a business or industry award that can be utilized to launch a PR campaign. If you win any level of recognition, you’ll be able to include the good news on your website and social media platforms, along with sending press releases to media outlets and channels that your current and prospective customers, as well as your professional peers, follow. From your local chamber of commerce to the Stevie Awards for business, nearly every award, local or global, is a reliable pathway to good PR.

Thanks for reading,

Kim

Image: ©Carl Mydans/Life Magazine. Actress Carole Lombard (1908-1942) and her husband, the actor Clark Gable (1901-1960), attend a movie premiere in Hollywood, CA (1936).

Business Strategy , , , , , , , , , , Leave a comment

A Strong Financial Foundation Is the Launchpad for Growth

by

Here’s the scenario: business is good, and growing—sales revenue is up as compared to last year, clients are happy and their number is growing. So what’s the problem? For some reason, business is not making a profit. What’s wrong?

This puzzling and frustrating problem is more common than you think. It could be that expenses or debt payments are eating you alive, but there might be a less obvious problem—your financial management leaves something to be desired, so you’re unable to find and fix the money leaks. Let’s take a look at the usual suspects.

Do you invoice clients in a timely fashion, say, within 14 business days after completing a project? Are invoices paid within 30 days of receipt—or is 60 days the more likely payment timetable? Do you keep up with accounting/bookkeeping functions and complete the business financial statements—Income Statement, Cash-flow Statement and Balance Sheet—within 14 business days of the next month? Most of all, do you review the financial statements and analyze the info so that you are aware of the story your business financial data is telling you? Do you act on that information by making adjustments in how you operate—trimming expenses, adjusting prices, invoicing on time, for example? Beyond that, do you have a business budget and do you operate within it?

The moral of this story is that businesses do not always fail because of a product-market mismatch or an aggressive competitor who gobbles up market share. Sometimes a business can be a victim of its own success and grow faster than its financial foundation can support. The weak points are often either cash-flow deficiencies caused by late client payments, which may be a result of slow invoicing, unwieldy debt and expense payments, poor pricing strategy, or inadequate working capital. Fear not, my friend—with a bit of disciple, you can control most of these issues.

Money is the lifeblood of the business and along with sales revenue, you want to focus on building up enough working capital: that is, the amount of money that remains after business liabilities are subtracted from business assets (see your Balance Sheet). Working capital is liquid, meaning it’s available to float you now. You also want to promote good cash-flow, so that you can stay on top of accounts payable and, if applicable, payroll (whether for 1099NEC or W2 employees)—ideally, without dipping into the working capital fund. Your intentions to grow, expand and/or make capital improvements or upgrades to your business depend on the amount of available working capital, which is supported by revenue and cash-flow. If necessary, working capital can be used to pay operating costs while you’re waiting for the accounts receivable to be paid. That said, keep in mind that business growth plans cannot be viable unless adequate working capital is available to put things in motion. In other words, getting your financial house in order, step by step, is integral to facilitating the business growth that you envision. To that end, below are financial management practices that you may find effective.

Accounting–Staying on top of accounting/bookkeeping functions will keep you fully apprised of your company’s financial condition. You know that it’s not possible to effectively plan or manage the company without accurate financial records that provide information that you can review, analyze and use as decision-making guideposts. If your monthly revenue exceeds $2000, you might have the wherewithal to hire a bookkeeper or business accountant to prepare the monthly financial statements and the quarterly and annual tax filings. Personal referral is probably the best talent search method, but social media or NextDoor can also be helpful sources. However, don’t be afraid to do your own bookkeeping! Taking on the financial management of your company, even if only for a year or two, will give you numerous valuable insights that you would otherwise never obtain. You might investigate Quicken Simplifi to start the process.

  • Ensure that all transactions are recorded—every business lunch, every office equipment expense, each fee paid to attend a business networking meeting or professional development session, all client invoices. Document every spend, every month.
  • Ensure that transactions are correctly categorized.
  • Can every payment you receive be cross-referenced to an entry in the books?
  • Are monthly Profit & Loss and Cash-flow Statements and the Balance Sheet completed and closed out within 14 business days of the next month?

Accounts Receivable–A joint study conducted by SCORE, the Small Business Association mentoring program and the financial services company U.S. Bank revealed that as many as 82 percent of startups and small businesses fail due to poor cash-flow management. Sending an invoice is a wonderful feeling, but you hold your breath until payment is received. You need to get paid within 30 days in order to control and predict cash-flow. Business plans cannot be made until you can confirm the amount of available funds. Help yourself by invoicing in a timely fashion and also by discussing the invoicing schedule with every client and following it.

  • Is anticipated revenue (i.e., accounts receivable) linked to agreed-upon project milestone payments or, if you sell a product or service via subscription, are subscription renewals linked to accounts receivable? Are invoices promptly, perhaps automatically, sent according to contracted agreements?
  • Is the status of receivables updated once they are collected? Is there timely follow-up on unpaid invoices (e.g., reminders are sent on day 45)? Automated reminders will be a helpful method to implement a formal accounts receivable follow-up process.
  • If you have the type of business where extending credit to customers is the norm, have you developed a standard set of credit terms and customer credit limits?

Forecasting and budgeting–Planning, budgeting and forecasting are central to financing the company’s operations and short- and long-term goals. When forecasting and budgeting, you will be greatly assisted by software such as QuickBooks, Quicken, or other financial software solutions.

Forecasting is the process of making informed predictions about future business outcomes. The process can involve projections for specific business metrics, such as sales growth, or for industry changes, or recommending how you will be best positioned to navigate the economic landscape in which your company operates. Forecasting uses your company’s historical data and analyzes current market conditions to make predictions as to how much revenue your organization can expect to earn over the next few months or years. Companies use forecasting to support the development of business strategies. Historical company data is analyzed so that patterns can be recognized and used to predict future outcomes. While forecasting consists of estimates of future conditions and possible outcomes, the process can encourage you to consider a range of potential scenarios and in that way position the company to capitalize on potential outcomes that appear most likely to occur or prepare the company to adapt to potentially challenging conditions if they arise. Forecasts are usually updated as new information becomes available, to promote accuracy and relevance.

Budgeting details how the financial plan will be carried out each month and addresses items such as revenue, expenses, debts and anticipated cash-flow. A budget is a forecast of revenue and expenses over a specified future period, typically one year, and details how the financial plan will be implemented each month. The budgeting process can be challenging, particularly if clients don’t pay on time and undermine cash-flow, or if sales revenue is intermittent or your sales cycle is long. It is acceptable to adjust your budget to reflect the actual amount of revenue received or compare actual financial statements to determine how close they are to meeting or exceeding the budgeted revenue and expenses. Once the budget period has ended, it is essential that you compare the forecasts to the actual numbers. It is at this stage that you’ll discover whether the budget aligned with the expected expenses and revenue.

  • Operating Budget: The operating budget includes the expenses and revenue generated from the day-to-day business operations of the company. The operating budget also represents the overhead and administrative costs directly tied to producing the company products and services.
  • Cash-flow budget: A cash-flow budget helps determine the amount of cash generated by the company during a specific period. The company’s inflow and outflow of cash is critical because timely payment of expenses is dependent on cash that is both generated and available. Monitoring and encouraging the collection of accounts receivables helps you forecast the income that is due in a particular period.
  • Strategic Forecast: A spark of inspiration may strike like lightening and you might be amazed by your own creativity. If you’re serious about bringing your brilliant idea into reality, you’ll test its potential viability with strategic forecasting; the goals you pursue be both realistic and most likely attainable. Strategic forecasting is integral to making that determination. In Step I, you’ll determine whether your goal should be a primary or secondary target and whether it is short-term (e.g., one year) or long-term (e.g., three years) initiative and address the question of what the business aspires to achieve by pursuing this goal. Next, you’ll define the market conditions that the company operates in, to further evaluate the capabilities and resources needed to take on the goal. In Step 2, you may find it helpful to categorize the strategies you’ll use to pursue your goal into functional strategies and operational strategies. Functional strategies refer to the action plans and tactics you’ll use to implement the strategies; operational strategies focus on resource allocation used to achieve the goal. If your goal passes muster in Step 3, you can then develop your strategy roadmap. A successful strategy will anticipate challenges that are endemic in today’s fast-moving economic environment and will integrate risk management and an agile approach that bakes in the ability to adjust your strategies as new trends, opportunities and—to be realistic—obstacles appear.

Pricing–how you price your products or services is based on factors such as market demand, customer behavior, competitors and market position. Identifying a pricing strategy capable of driving revenue and maximizing profit without alienating customers is critical; identifying the pricing sweet spot your service or product can be challenging. Begin your pricing strategy by determining your pricing objectives, e.g., maximizing profit, increasing market share, or stimulating client acquisition. 

Remember that pricing influences your ability to pursue, and achieve, business goals because it determines the sales revenue and is, in most cases the primary, if not sole, contributor to working capital and profit—the engine that keeps your entity solvent and sustainable. When evaluating potential business goals, examine and, when necessary, adjust your pricing to enable the company to generate sales revenue that’s capable of providing the financial foundation that will facilitate your ability to achieve the growth, scale or expansion goals that you envision.

Give yourself reliable data and insights that enable informed pricing decisions, rather than relying on intuition or outdated market info when determining prices. Avoid methods inclined to produce ineffective pricing strategies that are unlikely to access the full revenue generation possibilities of your services and products.

Finally, be aware that clients may be willing to pay a premium for services or products that possess what they feel is a desirable differentiating characteristic. A unique characteristic may be perceived as a competitive advantage that sets your service or product apart from what is offered by other vendors—sustainability, for instance. Furthermore, clients are not infrequently willing to pay a premium to do business with a brand they consider trustworthy or prestigious. Below are pricing strategies and factors to keep in mind.

  • Cost-plus pricing is based on the cost and value of the time and effort (talent) required to develop your B2B solutions, or source/manufacture B2B or B2C products. From there, a profit margin that target clients will presumably accept is added, to create the selling price.
  • Value-based pricing is particularly attractive in that it reflects the maximum amount clients are willing to pay, and minimizes the focus on service or product production or acquisition coat, which might be difficult to calculate when developing B2B solutions.
  • Tiered pricing targets different customer segments and may produce additional revenue from those willing to pay a premium for upgrades and add-on features, or offer volume discounts to attract clients who have higher consumption rates.

Thanks for reading,

Kim

Image: Quentin Metsys (Flemish, 1465/1466-1530) The Money Changer and his Wife (1514) courtesy of the Louvre Museum in Paris, France.