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Operations

Business Improvements for Slow Periods

Covid has slowed down business for all kinds of companies. It can be incredibly frustrating to look at all of the unused space on which you are paying a mortgage or rent. The last thing you may think to do is spend any more money right now. 

When business inevitably opens up again, you need to be competitive. Here are some ways to improve your business now, while business may be slower than other times. 

Examine your Business Expenses

This is a pretty logical step to take during a slow time. If you aren’t busy making money, now is a good time to make sure you aren’t bleeding out money anywhere. Look into employee activity reports, office expenses, vehicles, and other areas of your business to find anywhere that money is being wasted.

Redesign Your Office

If you aren’t planning on doing away with the brick-and-mortar building altogether, it’s important that the office that reopens for business is designed well. This is a great chance to make changes to workspaces, ensure that your office design is in line with company values, and get rid of excess furniture that may be cluttering things up. A superb design company like Key Interiors can help you to revitalize your office more affordably than you may expect.

Look for New Business Opportunities

Covid has changed the world in some ways that are temporary and some that may be permanent. Flexible and adaptable businesses are much more likely to survive slow periods. 

Take the opportunity while Covid is slowing you down to examine how your business functions and see if there are any places for you to create a new product or develop a new service to meet changing needs. 

Can current factory equipment be repurposed to make masks, sanitizer, or other high-demand products? Can deep cleaning services or home workforce management be added to the services your company performs? 

Look for ways to expand your business to meet changing demands. 

Take Advantage of Slow Times

It’s very tempting to put your head in the sand as you wait for Covid-19 to pass and business to pick up, but by being creative and making use of your downtime, you can make improvements that will make your company more successful when business picks up.

Categories
Operations

How To Handle Non Paying Clients?

Contracts, lawyers and collections agencies are a few places to turn when you have clients who won’t pay their invoices. Even better is to prevent the problem in the first place.

When you do business with a client, you expect to be paid for your labor, product or services. But what happens when those payments are late – or don’t come at all? It’s a question that comes up often. Fortunately, there are steps you can take to handle and even prevent the problem.

Preventing non-payments

Chasing a non-paying customer is often a messy process, so it’s best to avoid the issue altogether by taking the following precautions.

1. Research your client.

If you’ve never worked with a client before, do your research and find out who you’re dealing with. Google their name, ask your contacts if they know anything about your new prospect, run credit checks on them, and, for business clients, see if there are any complaints against them on sites like the Better Business Bureau.

“Most non-payments can be prevented or severely minimized by screening the customers in advance,” said Jocelyn Nager, president of legal firm Frank, Frank, Goldstein & Nager. “Thanks to all information available on the internet – especially the court records, notice of liens and more – most often you can run a risk assessment on your own … and the possibility of non-payment should be reflective of your tolerance for risk.”

2. Have a contract.

No matter if the client is your best friend or one of the most respected business leaders in your industry, always have a written contract in place. The contract should address these legal concerns:

  • Payment schedule: e.g., 40% deposit, 40% milestone payment and 20% upon completion
  • Terms: e.g., payment either 30, 60 or 90 days after the invoice is sent
  • Preferred payment method: e.g., checks, credit card or PayPal
  • Scope: the exact work you are expected to complete
  • Deadline: expected completion date
  • Late payment policy: the amount charged if an invoice is not paid on time

It’s essential to get all details in writing so you don’t face issues down the road. For instance, if your client is aware they owe fees for overdue expenses, they’ll be less likely to flake – and if they do, they’ll be forced to pay interest. But if you fail to set up a contract, nothing is guaranteed.

“Often when assisting clients who are being charged interest, late fees, or legal fees, I will ask the company for anything in writing and signed by my client that permits them to do so,” said Thomas J. Simeone, trial attorney and managing partner at Simeone & Miller LLP. “When they cannot do so, I explain that interest and fees are not part of the contract and therefore are not allowed.”

Don’t set yourself up for problems that are easy to avoid. You can find service contracts for free and online.

3. Ask for a deposit.

If you ask for a portion of the payment upfront, you’ll absorb some of the hit. Asking for a deposit or retainer is common for freelancers when they negotiate with clients and will help cover the expenses or time that you already put into a project.

According to Tina Willis, owner of Tina Willis Law, the amount you should ask for depends largely on the industry. If workers in your position do not typically charge retainers, consider installment fees, which are paid as you complete certain parts of the job.

“That way, you are less likely to do way too much work before getting paid, or realizing that you are never going to be paid,” Willis said.

4. Offer early payment discounts.

For large invoices, your customers may be more likely to pay in full (and sooner) if you offer discounts for early payment. For example, if you file a $10,000 invoice due 30 days after receipt, then you can offer a 3% discount ($300) if your client pays within 15 days. You can also stagger your early payment discount by taking this discount down to 1% ($100) if paid between 15 and 30 days after invoicing.

5. Allow payment in installments.

If slightly delayed client payments won’t drastically interrupt your cash flow, installment-based payment plans can create a middle ground for you and your client. For the $10,000 invoice example, you could offer a payment plan of $5,000 within 30 days and then one $2,500 payment each 60 and 90 days after the invoice, which can maintain your cash flow while easing the client’s burden.

6. Charge late fees.

To incentivize timely payments, list the late fees and their effective dates in your invoices. Alternatively, you can send your client a new invoice with added late fees after a certain period of no payment. If you retroactively add late fees, warn your clients first.

How to Handle Non-Paying Clients [Business.com]

About Our GE Network Expert - Min Tang

Categories
Business Ideas

Will Co-Viewing Be A Trend?

The advent of American Idol in 2002 brought us some things we hadn’t really seen before on T.V. There was Kelly Clarkson’s vocal range, not to mention Simon Cowell’s scowl. But perhaps more impactful was the show’s voting system, which allowed fans to select by phone or text the contestants they wanted to advance to the next round.

Idol helped introduce a new level of interactivity, community and urgency into a viewing experience that had traditionally been one-way and one-dimensional. Yet, other than competitive reality contests and a few related inroads since, the concept of interactive T.V. has remained on the sidelines. Sure, we may have a second-screen open these days — checking stats online, geeking out with fellow fans on Twitter or Zoom — but the viewing experience itself remains stubbornly one-directional and solitary.

But that may be about to change. Taking a cue from platforms as diverse as Fortnite, Twitch and Netflix, innovators are finally seeking out ways to make T.V. social, personalized and interactive — all on a single screen. It’s clearly a concept whose time has come … though whether legacy players, from content producers to distributors, will accelerate this shift or stand in the way remains to be seen.

The one screen that does it all

Importantly, when it comes to truly interactive viewing experiences — known in industry parlance as co-viewing — we’ve already got plenty of models. Twitch, the gaming platform where users watch and comment as gamers compete, offers a prime example. The platform builds strong, engaged communities who interact in real time, chiming in with a constantly unfolding stream of comments and emojis, all while their favorite stars play games live. And it all unfolds on a single, convenient screen, without a need for extra devices.

So how can we bring that kind of dynamic, co-viewing experience to TV? One emerging option: apps that overlay interactive functionality on top of existing programming. Take the example of GameOn Technologies, whose technology is now found in millions of set-top boxes in the US. Its platform allows viewers watching sports to play interactive games related to what’s happening on the screen — betting for points on who’s going to score the next goal or touchdown or competing in challenges against each other.

And that’s only the beginning of the co-viewing potential. As industry analysts John Kosner and J. Moses point out in the context of watching the NFL, “To start, imagine tonight’s CBS viewing experience with a “+” button where you could easily add friends and then “share your screen” for the synched game telecast plus access to merch, prop betting and fantasy and other streamers.” Initiatives to create this kind of experience are being explored by giants like Yahoo as well as startups like Teleparty and LiveLike.

The applications extend beyond sports. You could be watching Survivor or The Bachelor and bet on who’s going to be kicked off next with your friends. If you’re watching a scripted drama, you and fellow fans can chat about it all on the same screen.

The pay-off for the viewer is the kind of social engagement and active participation — in short, community — that formerly required a second screen. Over time, consumers can also benefit from personalized recommendations, just like Netflix, Crave or most any online experience, based on their viewing history.

There’s also a clear upside for brands who are able to tap into these communities. At a time when fewer people are willing to endure traditional commercials — Ipsos found that only 45 percent of ads on T.V. are currently watched — interactive viewing platforms offer an opportunity for more relevant and less invasive marketing tactics. Just as different people see different ads on the web, interactive T,V, ads can be customized based on past behaviors or microtargeted to specific communities.

Furthermore, traditional interruptive ads could be replaced by creative and integrated campaigns, deployed without pulling away from programming. Think about an interactive game sponsored by a beverage maker or a fast-food giveaway tied to the home team scoring a set number of points. Viewers could even use their remote to click and buy apparel, gadgets or housewares featured in popular shows, as they watch (not to mention “virtual goods,” like digital avatars or in-game currencies, that already constitute a $79 billion global market).

Crawling toward the future 

Clearly, the time has come for a more integrated personal viewing experience. But with isolated exceptions, it’s been a struggle to actually put it into practice.

This isn’t really a tech challenge. After all, most of the tools we need to make viewing a social experience — smart T.V.s and cable boxes, broadband connections and HD cameras, algorithms to serve personalized recommendations, cross-platform data collection — already exist. Rather, the challenge is an institutional and cultural one.

Ingrained habits we’ve spent decades forming and validating with T.V. as viewers will need to change. As Wired culture columnist Peter Rubin points out, “interactive T.V. starts at a disadvantage: It is arriving just as we’ve learned, in so many ways, not to interact at all.” We need to unlearn the notion of ourselves as “couch potatoes,” passively “vegging out” in front of the tube, and instead start to see T.V. and streaming as a true extension of our other interactive digital media.

Meanwhile, content distributors and content producers also need to embrace a mental shift, especially in an era of disengaged and declining TV viewership. (Some 8 million American households have “cut the cord” in the last two years, making for about 44 million households without pay TV service in total). Under the traditional broadcasting model, rightsholders and licensees lock up content, rather than opening it up for sharing and interacting. But this frustrates the development of dedicated communities, limits advertising options and short circuits new revenue streams.

In this respect, TikTok, Twitch and Instagram aren’t the competition as much as models to emulate. For producers and distributors, social TV promises new ways to engage and build audiences and new ways to monetize them.

The good news: Millennial and Gen Z expectations have already shifted. They’ve been brought up on technology adapting to their preferences, whether through playlists or recommended viewings, and on social and streaming platforms where community, interactivity and personalization is the default. It’s something the viewing public will increasingly come to expect, and TV — reluctantly or not — finally seems ready to evolve with them.

The Next Big Thing for TV: Co-Viewing [Entrepreneur]

About Our GE Network Expert - Min Tang

Categories
Operations

3 Covid-Safe Systems All Workplaces Need

Companies are learning to create enhanced systems to keep everyone safe from Covid. Some of these systems including using products that can be introduced into the work environment and others are more procedural adjustments. Used in combination, they can create a work environment that’s secure to enter and work inside. 

Here are some Covid-Safe Systems worth employing in the workplace. 

  • Entrance Procedures

When anyone enters the building, they need to go through appropriate Covid-Safe procedures to avoid endangering anyone on the premises.

Floor Decals and Signs

Use floor decals, signs, and people there to assist them to advise what to do. The addition of signs and floor indicators for where to stand or stop for inspection help to reinforce the procedures for people unfamiliar with them. 

Check for Temperature Abnormalities

It’s expected that anyone visiting an office shouldn’t have a temperature. Checking for this using a zero-contact temperature reader is the best idea. This can screen for people who should be asked to quarantine or avoid entering the building due to an elevated temperature reading.

Face Masks and More

Wearing a face mask and washing the hands before entering the main work area is necessary too. 

While a face mask might be removed when sitting in front of a plexiglass screen, otherwise wearing one helps to avoid the potential for spreading Covid to people nearby. 

Also, handwashing prevents accidentally spreading germs through surface contact. 

  • Protective Screens Between Work Areas

One item of personal protective equipment that’s worth investing in is a protective screen. These are usually freestanding and create a visible separation between one space and another. 

These types of plexiglass screens are designed to prevent the free movement of air particles from one zone to the next. They can be used to separate one desk from another. Also, in a retail environment or a reception desk at an office, they can create useful separation between staff and visitors or shoppers. 

Additionally, they can also encourage better social distancing through a forced system, rather than relying on everyone remembering to do it. Just the presence of the screen is a visual reminder to keep distancing. 

  • Separating Workspaces and Seating Areas

Part of social distancing means separating workspaces to place them further apart than they’d normally be.

Space Out the Desks

For some office environments, this will create a space restriction where the office isn’t large enough, but large office space is unaffordable.

Using remote working or working from home for certain employees – ideally as many as possible – can resolve this issue. This way, only the high priority staff who benefit from working from the office should do so. 

Reconfigure the Reception Area and Reconsider Meetings

For seating areas like in a reception or a staff meeting room, it’s preferable to intentionally space out the chairs to allow for greater social distancing. In this situation, face masks should be worn because the distance will be less than normal.

Also, companies running in-person meetings should avoid cramming people into a private office due to the risks of doing so. Use larger office spaces, speak outside, or switch to other means of communication.

By using the above-layered approach to creating a Covid-Safe work environment, anyone on the premises will be immeasurably safer than they would be otherwise. At a time when millions of Americans are being infected, companies cannot be too careful.

Categories
Business Trends

Apple Wants To Roll Out VR Experience For Businesses

Apple may leap into the VR headset space with a “mostly virtual reality device” as early as next year, per Bloomberg. The news comes amid a period of renewed interest in VR from companies tinkering with the tech for remote work applications. When released, the headset—which will be similar in size to the Oculus Quest—could reportedly feature a 3D environment for gaming, video, and communication, along with some limited AR functionality, an internal fan, support for prescription lenses, and a hefty price tag typical of Apple gadgets.

Apple’s VR push marks its first major hardware endeavor since the 2015 release of the Apple Watch, breaking from its recent focus on services. For years, Apple’s soaring profits were tied to its crowning jewel—the iPhone. While iPhones still made up a majority (54.7%) of Apple’s sales in 2019, that figure has steadily decreased over time. In Apple’s fiscal Q4 2020 (ended September 26, 2020), for example, iPhone’s sales brought in $26.44 billion, which was down from $33.36 billion a year prior. With fewer people purchasing iPhones and other hardware, Apple made a strategic decision to pivot heavily toward its Services segment, starting first with its 2015 rollout of Apple Music and followed by TV+ and News+ subscriptions in 2019, all of which complement its already established Apple Pay and iCloud services. By the end of 2019, Services reportedly made up around 17.7% of Apple’s revenues. That continued last year as Apple announced Q4 revenues of $64 billion, propelled mainly by “all-time records” for Services, according to CEO Tim Cook.

Apple’s appeal to an exclusive audience segment, and its recent emphasis on services over hardware, mean the new goggles are unlikely to spark the VR revolution. While VR users in the US are expected to grow from 52.1 million monthly users in 2020 to 60.8 million in 2022, according to eMarketer forecasts, it’s unclear how many of those users will be willing to shell out big bucks for Apple’s high-end experience. The prohibitively expensive expected price tag, combined with Apple’s late arrival to the market, means the VR industry is unlikely to benefit from the popularity boost often attributed to the “Apple effect,” and Apple is therefore unlikely to significantly drive VR adoption.

Apple looking to roll out powerful VR experience as early as 2022 [E-Marketer]

About Our GE Network Expert - Min Tang