Categories
Business Trends

Contactless Payment Solutions in a Post-COVID Economy

As many businesses continue to offer an in-person shopping experience or consider reopening, safety is at the forefront of their minds. Keeping the customer protected helps lower the chances of further shutdowns being implemented in the future.

One of the best ways to provide a safer shopping experience for your customers is to ensure that you have contactless payment solutions to use when they check out. 

But what considerations do you need to make when you are looking into adding these solutions to your business? While the thought of changing the way you currently operate can sound daunting, the truth is that it is much easier than it may seem. To help you provide safer payment options in your business, here are a few tips on offering contactless payment solutions in a post-COVID Economy. 

Consider the Different Types of Contactless Payment Solutions Available

Offering your customers the right contactless payment solutions begins with understanding what technology is at your disposal and which types of payment options your customers are likely to need.

There are currently two types of contactless payment options available: credit or debit cards (Visa and Mastercard) containing near-field communication (NFC) chips and the use of mobile wallets like Apple Pay or Google Pay. Of course, there may be some devices or alternatives that fall outside of these two categories, but these are the two most important ones to focus on if you want your business to offer contactless payment options.

NFC chips offer the ability to pay by getting close to the payment machine rather than by making physical contact with it by inserting a chip into a chip reader or swiping a card. This type of payment option also gained popularity in pre-COVID times because it offers increased security, faster transaction speeds, and more convenience. 

You may also see another term come up while researching this topic: radio-frequency identification or RFID, which refers to a similar technology that led to the development of NFC. But what’s the difference between the two? While NFC does fall into the category of RFID technology, NFC can only be recognized by machines when the item being read is in extremely close proximity to the device, making it more secure and much harder to steal information or accidentally pay for something at a distance. 

With these two types of solutions available in your shop, you can cater to the ever-changing needs of your customers.

What Do You Need to Get Started? 

Being able to offer contactless payment means having the know-how and the right equipment. There are a wide variety of payment processors out there. The key feature to look for while researching them is that the point-of-sale device you choose is NFC-capable. That is what gives you the ability to accept both NFC credit and debit cards or payments made through NFC-enabled phones with wallet apps. 

Beyond this, the company that you choose to partner with will ultimately be a matter of personal preference. Take some time to evaluate your options and weigh the advantages and disadvantages (such as ease of use, overall cost, and complexity of setup) of each company on your list before making a final decision. 

Don’t Forget About Your Online Storefront

Setting up your physical storefront for safe shopping is the key focus of re-opening or continuing your operations without putting your customers at risk. However, taking the time out to ready your physical business by adding contactless payment solutions also gives you an opportunity to assess your online operations and make improvements simultaneously.

This can pose a major problem for customers who may prefer to avoid in-person shopping altogether and stick to the internet. It also makes it impossible for you to run your online business efficiently and grow your operations.

While you are focused on finding the right contactless solutions for your physical storefront, focusing on finding the right contactless payment solutions for your digital storefront is essential as well. For example, let’s imagine that you run a business where you sell a product like CBD oil online that has been continuously rejected by mainstream payment processors. You may need to seek out high-risk payment gateways that ensure you are able to meet the needs of your customers. This way, should they not feel comfortable shopping at your location, they can shop for the same products online and you can continue to operate both your digital and physical storefronts with ease. 

With the right payment processor on your side for both online and offline purchases, you can ultimately offer your customers a greater level of service all the way around. 

COVID-19 has had a massive impact on our lives, from the way that we socialize to the way that we conduct business. In order to overcome these difficulties as business owners, we must adapt to new ways of keeping ourselves and our customers protected. If this is of importance to you and you want to get started, use the guide above to make advancements in payment solutions and give your company the boost it needs in a post-COVID economy.

 

About the Author | Katie Tejada is a writer, editor and former HR professional. She often covers developments in HR, business, recruiting, real estate, finance and law, but also enjoys writing about travel, interiors and events.

Categories
Work Life

Overworked?

It’s well-known that entrepreneurs must dedicate a lot of their time to getting their businesses off the ground in order to be successful. It’s not uncommon to hear of a business owner working 60 or more hours a week in pursuit of that success. However, this amount of work can have a major negative impact on one’s mental and physical health.

Tips to Cut Down Working Hours

To address the issue, busy professionals need to find a way to work smarter and gradually reduce the number of hours spent running their businesses. That’s why we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following:

“Working hard is important, but working too hard can impact your health. What’s one practical step busy entrepreneurs can take to reduce a 60-hour work week to 30-40 hours?”

Here’s what YEC community members had to say.

1. Timeblock

“Put your rest activities into your calendar just as much as you put your work activities there. It’s the only way you can effectively force yourself to take time for yourself.” ~ Nicole Munoz, Nicole Munoz Consulting, Inc.

2. Let Your Experts Work

“It may sound obvious to some people, but not so obvious for the others: As a business leader, you don’t have to do everything by yourself. Your main job is to mentor and coach the people who work on all the elements of the business. Take a look at all the tasks that you do. I’m sure you already have dedicated experts in your team to deal with some of these. Then, fire yourself. Let people work.” ~ Solomon Thimothy,OneIMS

3. Divide Tasks By Size

“I divide tasks that I need to accomplish by size. Then, I figure out what size task I’m best able to complete at a certain time of day. Since I’m a morning person, I find it easier to accomplish large tasks quickly at the beginning of the day and then smaller tasks toward the end. However, you might prefer working on large tasks toward the end of the day. It depends on your productivity habits.” ~ Bryce Welker, Beat The CPA

4. Be Realistic

“We’ve all heard that people overestimate what they can do in a week, but underestimate what they can do in five years. If you want to keep your work weeks to a minimum, start being honest about what you can accomplish in a week. Identifying the most important thing you can be working on to affect the bottom line of your company each day is key. Then do that 40 hours per week.” ~ Matt Wilson, Under30Experiences

5. Leverage Automation

“If entrepreneurs aren’t leveraging automation yet, then they need to. Marketing automation performs routine, everyday tasks for you so you can spend your time wisely and still get more done. It’s easier to stay productive and meet deadlines when you have technology working for you.” ~ Stephanie Wells, Formidable Forms

6. Set Clear Boundaries

“Only with clear boundaries for their time will a driven entrepreneur find that balance. Many successful entrepreneurs leave their industries after a few short years to build a family or pursue their passion because they are unable to have both. The only way I am able to “work to live” is by design, and I assure you it’s worth the effort. Set clear boundaries and respect them.” ~ Reuben Yonatan, SaasList

7. Cultivate and Build Leaders

“The right mindset, leadership and systems are key. In order to greatly reduce your time, you’re going to have to trust people. Then you need to cultivate and build leaders within your organization. To be successful you should have a system where those leaders routinely meet with clear goals and agendas around managing and growing the company. That’s it. Enjoy your time off.” ~ Kevin Getch, Webfor

8. Outsource Tedious Tasks

“If an entrepreneur doesn’t have the resources to hire in-house and delegate certain tasks, they can outsource tedious tasks that don’t generate revenue. For example, the following tasks could be outsourced: blog content creation, social media marketing, website design, payroll and bookkeeping.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

9. Recharge Between Work Sessions

“Avoiding long hours is hard, but taking breaks in between tasks can alleviate the pain. If long hours span from early strategy calls through late-evening client meetings, make the most out of your business day. Hit the gym, take lunch outside, listen to an audiobook. Recharging between other energy-intense sessions is a long-lasting exercise worth trying out.” ~ Mario Peshev, DevriX

10. Schedule Hard Stop Breaks

“Scheduling hard stop breaks into your daily routine will help you balance work with the other parts of your life. Break your day into multiple work shifts to create a natural separation in your schedule. Neglecting this aspect of your routine can be harmful to work and oftentimes lead to counter productivity.” ~ Jordan Edelson, Appetizer Mobile LLC

11. Set Goals Outside of Your Career

“Entrepreneurs are goal-driven, and usually get overly absorbed in career goals. I like to have fitness goals that dictate a workout schedule, for example. I recently took classes in scuba diving and boat sailing, as well, to get out of the office and focus on something new and adventurous. Leave the phone at home and go explore the world.” ~ David Boehl, GoLastMinute

12. Empower Your Team

“Empower your team. Too many entrepreneurs think they need to still have their hand in every single thing at the company, which is draining to them and ultimately discouraging to the employees who are ready to step up and take on more. I did this years ago when I had a major surgery and had to delegate responsibilities during my recovery and then just didn’t take all of the responsibilities back!” ~ Kelsey Raymond, Influence & Co.

Overworked? 12 Practical Ways Entrepreneurs Can Cut Down Their Hours [Smallbiztrends]

About Our GE Network Expert - Min Tang

Categories
Entrepreneurship

How to Ensure Your Business Reaches its Full Potential in 2021

Experienced professionals already know that a great business idea alone isn’t enough to ensure long-term success. Sadly, many excellent business concepts have failed for one reason or another over the years. And even the most dedicated entrepreneurs may have trouble launching a new business in the current economic climate. The good news is that you can take steps to protect your investment and ensure your company reaches its full potential this year. Just make sure to follow these four tips: 

Focus on Education

For a company to grow and evolve in any meaningful way, its employees need to grow as professionals first. As such, one of the best things a business leader can do to promote long-term success for their company is to invest in training and education now. Hiring a learning consultant to help your team develop new skills and perform with greater efficiency will provide immediate and future benefits. Plus, thoroughly training your staff will make it easier to promote from within and retain excellent employees. 

Set Realistic but Ambitious Goals

2020 was a rough year for most business leaders. However, just because things have been difficult in the past, it doesn’t mean you should stop making ambitious goals for yourself, your team, or your organization. Rather, just the opposite is true. If you want your company to improve, then you have to set realistic, but substantial goals to pursue. Merely going through the motions at work shouldn’t be good enough for you or anyone else. 

Identify New Opportunities

No matter how successful your organization is, a few things will always remain true. There are always going to be new markets to explore. There are always going to be new products you can develop. And there are always going to be better ways to connect with customers. The key to unlocking your business’s potential is –– in many ways –– simply being open to new possibilities when they arise. 

Invest

At the end of the day, money talks. As a business owner, you have an obligation to invest in your infrastructure and your organization to make sure that your employees have all the resources they need to succeed. Note of course that investing in your business can take many forms. It may include purchasing tech upgrades for your staff, for example. Additionally, though, it’s  just as important to “be invested” in your business as it is to support it financially. Small businesses in particular require time, energy, and support from leaders to fulfill their potential. Ultimately, there’s no substitute for old-fashioned hard work.

Categories
Human Resource

Outsourcing HR?

Few resources are more important to your company than your employees. When you properly tend to your employees, you improve the daily experience of the people you count on to execute your day-to-day business tasks.

As necessary as proper employee management is, not every company has the capacity (or desire) to handle it all in-house. That’s why many business owners outsource HR. In this guide to HR outsourcing, we’ll walk you through situations in which HR outsourcing may help, the many kinds of HR outsourcing functions that third-party HR companies offer, and the pros and cons of outsourcing HR.

What is HR outsourcing?

HR outsourcing is an arrangement through which a business owner hires a third-party company to oversee some or all of the business’s HR functions. You can outsource your company’s payroll processing, employee benefits administration, talent acquisition, or all of the above and more.

Types of HR outsourcing

If you plan to outsource your HR, you have two main options – HR outsourcing (HRO) or a PEO (personal employer organization) – to handle your HR tasks. The services each option provides overlap heavily; it is the way they are legally structured that differs.

  • A PEO uses a co-employment model, which means your employees will appear on the books of your PEO provider for legal and tax purposes. However, you still have control over your employees in terms of what they are working on, whether they can be promoted or fired, etc. A PEO typically handles all of your HR tasks, though some providers allow you to pick and choose the specific services you want them to take on. With this model, the PEO bears the full legal and financial weight of all your company’s employment practices.
  • An HRO does not use the co-employer model, which means your employees will remain on your business’s books and you bear the legal responsibility for their actions. There is a bit more flexibility in the services an HRO handles for you – you can outsource one or two tasks, if that’s all you need, or all of them.

Who is HR outsourcing for?

In theory, HR outsourcing is for any business that needs it. You might need HR outsourcing for your company if you face the following challenges with handling your HR tasks in-house:

  • Disproportionate amount of time spent on HR tasks compared to other business needs
  • Prior or predicted lawsuits or liability exposure
  • Lack of money to hire new employees or pay and cover benefits for in-house HR staff
  • HR functions spread among employees from other departments
  • Not enough in-house HR staff to properly balance hiring tasks with employee management

What functions does HR outsourcing provide?

If you think your business might benefit from HR outsourcing, use the below list of common HR outsourcing functions to determine how your needs overlap with what third-party HR professionals offer. (These are just the most common HR outsourcing functions – some providers offer a host of additional services.)

Payroll processing

Payroll processing may well be the most commonly outsourced HR function. Calculating all the deductions to withhold from your employees’ paychecks yourself can quickly get confusing and complicated, and you certainly don’t want to make any mistakes in this area. In addition to benefit premiums, payroll deductions include wage garnishments and taxes, so errors can lead to trouble with courts and the IRS. This is why many companies choose to pass off the task to payroll professionals rather than handle it themselves.

Employee benefits administration

A strong employee benefits package – one with health insurance, a retirement plan and more – can keep your current employees happy and give your company a competitive advantage in recruiting. That doesn’t mean administering benefits is easy. Many companies outsource their employee benefits administration to relieve themselves of the work that accompanies researching plans and complying with benefits regulations.

Employment law compliance

As a business owner, you’ll need to comply with more rules than just benefits and tax laws. You also have to follow equal employment opportunity (EEO) laws and workers’ compensation regulations. Hiring HR compliance experts can keep you in line with all EEO and workers’ comp guidelines on a day-by-day basis with little to no extra work on your end.

Employee relations

If you lack the time to tend to employee-manager conflicts and create company policies, you may need to outsource your employee relations tasks to a third-party HR team. A dedicated outside HR department can mediate conflicts and modify long-standing company policies to reflect employee concerns. As part of employee relations, your HR outsourcing company can even help you create your employee handbook.

Talent acquisition

When you’re eager to find that perfect new employee, you might not be as thrilled about the prospect of working through stacks of applications and setting up interviews. To take this workload off your plate, you can outsource HR professionals to oversee your talent acquisition process.

Performance management

Annual reviews, salary negotiations and other performance-related conversations are an inescapable part of running a business. While you’ll likely want your own team to lead these conversations, you may not have the time or expertise to prepare for or work through these moments. If that’s the case, outsource your performance management tasks to a third-party company. Your HR firm of choice can also help you determine your performance goals and disciplinary routes for poor performance.

Background screening and reference checks

When hiring employees, it is always good practice to conduct background screenings and reference checks. This helps give you a clear picture of the person you are welcoming into your business. However, both these processes – especially the phone calls often involved with reference checks – can be quite time-consuming. That’s why so many companies rely on third parties to conduct their background and reference checks. [Read related article: 32 Reference Check Questions You Should Ask]

Risk management

HR teams don’t just oversee anti-discrimination efforts and employee relations. They minimize the risks of worst-case scenarios in these and other important employee management matters. To avoid workplace conflicts or even lawsuits, you can outsource your risk management efforts to HR experts so your team stays happy and you have less work that isn’t strictly business-related.

Drug testing

Although HR experts have debated the merit of drug testing in recent years, you can still hire an HR consulting or outsourcing firm to handle this task for you. The provider you choose will walk your employees through the process, send all samples to a laboratory for testing and report the results back to you. If the results call for disciplinary action or termination, you can task your HR consulting firm to carry out these actions as well.

Employee counseling

Perhaps the most recent addition to the services that comprise HR, employee counseling is the practice of helping your staff access mental health services. Employee assistance programs (EAPs) are common routes for connecting your employees with short-term counseling, and third-party HR teams can manage these programs on your behalf. These programs can promote your employees’ attendance, productivity and morale. 

Should You Outsource HR?[BusinessNewsDaily]

About Our GE Network Expert - Min Tang

Categories
Teamwork & Leadership

Cultural Fit For Hiring

Everyone has a job that they remember. Whether it was the laissez-faire style of a teenage summer job or a boring stint as one of many cubicle-bound office workers, the company culture that existed in those jobs significantly impacted your enjoyment or discontent of those positions.

If you’re a small business owner who is attempting to build a company culture, it’s important to ensure your next hire fits in within that culture; otherwise, there could be potential problems later.

What is a cultural fit?

As an all-encompassing notion within a company that dictates everything from how people interact with one another to the style of banter that takes place in the office, a company’s culture is an intangible factor that matters more than you might think.

According to Culture Amp’s Sophia Lee, a cultural fit is the “concept of screening potential candidates to determine what type of cultural impact they would have on the organization.” This screening is done by focusing on the “values, beliefs and behaviors” that exist between an employee and their employer.

Cheryl Hyatt, co-founder of Hyatt-Fennell Executive Search, defines company culture as the organization’s “mission, values and approach.” Hiring, said Hyatt, goes beyond what’s listed in the job posting.

“Job descriptions usually focus on the roles and responsibilities of an individual position by listing the necessary experience and skills needed for a job,” she said. “However, each job is within the context of a unique organization. It’s not just what they do, but how and why they do it.”

According to Hyatt, two companies engaged in the same business undertake their work in different ways, and for different reasons. By understanding what makes your business uniquely successful, Hyatt said, you can understand how to best foster success within your workforce and the company at large.

Why is workplace culture so important?

Recent data suggests that Americans spend approximately 1,764 hours per year working. That translates to 73.5 consecutive days without stopping, or 10.5 weeks without breaks. With so much time spent working, it’s important that those long hours aren’t miserable ones. There are additional reasons as well why you want to create a strong, positive work culture among your existing and new employees.

It keeps employee engagement up.

One way to avoid having your workers be miserable is by creating a company culture that makes them want to come to work.

How a company does that depends on the type of business it is and its ability to create an environment that keeps employee engagement up. By fostering a company culture that keeps your team focused on the task at hand, Greg Besner, founder of CultureIQ, said it is possible to create an environment that boosts productivity.

“Hiring for mission and value alignment is arguably the most important piece of the puzzle to get right,” he said. “If someone isn’t inspired by your mission or on board with your values, then the employee won’t feel as incentivized to contribute. Further, other employees will know if a new colleague isn’t getting the culture or doesn’t care, and this can tear your company apart.”

It establishes a company’s “personality.”

Over time, workplace culture becomes analogous to the company’s overall personality. Provide a workplace where people feel comfortable, accepted and part of something they want to contribute to, Hyatt said, and you can enjoy the fruits of a “mutually advantageous relationship.”

“People do not only want a job as a way to make a paycheck, they want a job as a way to make a difference,” Hyatt said, referring in particular to today’s largest segment of the workforce – millennials.

Employers, said Hyatt, benefit from employees who work hard for the company’s mission.

“Simultaneously, you provide meaningful work in a positive context,” she said. “An individual who is a poor cultural fit will not have a positive impact on the team where they are placed and may not last long with your company, which is an unfortunate use of time and valuable resources.”

People who don’t mesh well can spoil the culture.

It can only take one person who doesn’t work well in the already established office culture to ruin the feeling for everyone. Therefore, it’s important small business owners and managers pay attention to a candidate’s personalityand cultural fit while evaluating their business talent.

“When the hiring process is effective, the candidates that are hired are more likely to be satisfied, motivated and committed,” Besner said. “Successful recruits are motivated to exceed their goals, proactive about learning new skills and starting new projects, positive in their approach to work, creative in solving problems, and committed to developing their careers at the organization.”

How do you quantify a candidate’s cultural fit?

When going through the interview process with new candidates, research where they’ve been, what skills they may possess and what they can bring to your team from an operational standpoint.

How, though, do you properly assess a potential candidate’s cultural compatibility?

Though you can’t necessarily assign a point value to a person’s cultural fit within your company, nor can you see it in front of you, there are ways you can glean whether a candidate will work well with your current group. According to Hyatt, it involves asking thoughtful interview questions and carefully listening to the answers provided.

“When evaluating a candidate, looking at their experience and accomplishments is helpful, but the most important thing is to ask intentional interview questions and listen to their answers,” Hyatt said. “The purpose of an interview is for a candidate and a company to get to know one another, which is why it’s the perfect place to evaluate cultural fit from both sides. Interviewers should ask questions about a candidate’s values, approaches and career aims. A candidate should learn more about a company’s legacy, mission and strategy.”

Evaluating cultural fit goes beyond the candidate interview

Once hired, the evaluation doesn’t end. Besner believes it’s through the “employee life cycle” of the onboarding process, training, and, eventually, daily life in the office that you gain an even better understanding of their place within the corporate culture and whether they’re a good fit.

“After an employee is hired, consider the rest of the employee life cycle … and look for ways to embed the company’s values throughout the employee life cycle,” he said. “Every policy, process, and program is an opportunity to reiterate the mission and values.”

Potential pitfalls of hiring for cultural fit

While it’s important to keep your company culture in mind when seeking out a new hire, you’re running a small business, not a social club. Work still needs to get done, and people need to be professional.

It’s with that concept in mind that you should remember that while important, your company culture is not the be-all and end-all when it comes to making a hiring decision. Hiring a successful candidate relies on several factors, with cultural fit being one of them. As a small business owner looking to hire the best candidate for the job, you have to make sure the person you hire has the skills to contribute right away.

Hiring strictly for a cultural fit may be tempting, but your business depends on strong and competent employees who can get things done. It can severely hurt your bottom line if they’re too busy goofing off or not getting things done.

“Cultural fit is one vantage point that employers must consider, a wide lens, but it’s not the only vantage point,” Hyatt said. “A candidate doesn’t just need to fit a company, they need to fit a team and a role. An individual could be right on track with an organization’s vision and ethos and have none of the strengths or skills needed in a particular department or position.”

Why It’s Important New Hires Fit a Company’s Culture [Business.com]

About Our GE Network Expert - Min Tang