Should you help clients prepare for an economic boom or act yourself? Do you expect to see trade increase in a post-COVID-19 world? Will activity and consumer confidence rise enough that both restaurant and retail sales show recovery? If the 9.8% increase in March 2021 is any indication, think yes. It seems that employment, retail spending, and manufacturing are all exhibiting solid gains. Vaccinations offer light at the end of the tunnel.  Meanwhile, there is great hope that the end of the pandemic is approaching. With this in mind, businesses need to prepare for a boom in trade in a post-COVID-19 world. Certainly, companies should take full advantage of any economic improvements. How can your company plan for a return to active trade in a post-pandemic world?

Although uncertainties do remain, the overall economic outlook is brighter. Most importantly, putting measures into place now can ease the transition from restrictions. After that, converting from government help to a self-supporting, thriving business once again will take active management. In other words, can you prepare your business for an increase in trade after the effects of the pandemic have eased?

Your accountant will understand your business and the industry in which you operate. In addition, accountants can help you plan for the short-term and long-term future. They will develop the cash flow and sales forecasts underpinning your decisions.  Above all, wise plans allow you to proceed with confidence in a post-coronavirus world.

A professional accountant is a crucial partner for any business owner. They will save you time and money in the long run. In addition, they provide a reliable source of support that helps you build your business up again.

Management accounting software allows you to keep an eye on cash flow, create comprehensive budgets and cash flow forecasts. After that, you can view the general state of your business at the touch of a button. Review your options at AccountingSoftwareWorld.

You can grant access to your software to your accountant. After that, you can benefit from their professional opinion and insight. Above all, you will make both day-to-day and long-term strategic decisions with more confidence as your trade volumes start to boom.

Additional sales may require additional funding to meet the sudden increase in demand. Alternative finance can be of enormous value in this respect. It is typically more flexible and quicker to access than a business bank loan and can sustain your business over the long term.

• If you are a credit-based business, invoice finance or factoring uses the value of your invoices to generate funding. You may also be able to hand over your credit control function to the financier. You can focus on steering your business forward.

• Retail businesses that take card payments can also benefit from alternative funding called merchant cash advances. Cash advances provide funds based on the value of the card sales. Getting cash advances offers vital support to business growth.

• Asset-based businesses can leverage the value of their hard assets to generate a cash lump sum and still use the asset as before. This cash input can fund the extra workforce or materials needed to meet additional post-COVID-19 demand.

Building resilience within your supply chain is crucial. To prepare for an economic boom, planning to deal with supply chain shortages during a boom in trade is wise. For instance, if you rely on a single supplier, consider how you would prevent a disruption in supply from damaging your business.

Along with your accountant, you should map out your supply chain to see where it may need reinforcing, identify any risks, and mitigate them as necessary. You could locate potential alternative sources of supply. Most importantly, you will not lose customers due to missing components or late deliveries.

Emerging from the pandemic as a stronger, more streamlined business requires careful planning and preparation. If you do not currently use professional accounting services, look for a new accountant who is reliable and specializes in your field. Check for credentials from the AICPA or CPA Canada. Understand the accountant’s qualifications, working practices, and specialties. Consider vendor directories if you need specific help with QuickBooks or Xero. If you are an accountant acting in an advisory role, make sure you assist current clients. Proactively market your planning and cash flow services to prospective businesses.

Attend CPE courses and conferences in person or online to learn more about planning, cash flow and budgeting.

Many startup businesses begin after an economic downturn. Will we see the rise of the “COVID-preneurs” soon? During the 2007-08 financial recession, Ken Lin started the personal finance giant Credit Karma. Above all, it was a defeatist economy. Funding money was strapped, consumers were hesitant, and financial institutions had a cloud of distrust around them. In addition, by textbook timing, this was no time to start a finance company. However, more than ten years later, in 2020, Intuit (a financial technology company) acquired Credit Karma for an astounding amount. According to Intuit, Lin’s company was acquired for approximately $3.4 billion in cash and 13.3 million shares of Intuit stock and equity awards with a value of $4.7 billion. The bet paid off.

History seems to be repeating itself for many risk-taking entrepreneurs during the coronavirus pandemic and the subsequent economic turbulence that followed suit. According to the U.S. Census Bureau, Americans have been filing new business applications at the fastest rate since 2007. Many have determined this is a great time for entrepreneurs with ideas. They have time to work on their ideas.

For some, starting a business during such chaotic times may seem completely counterintuitive, not to mention crazy. For others, it’s prime time to implement a sound strategy and capitalize on the opportunity. In addition, you have those scratching their head and wondering, “why on Earth would someone become an entrepreneur in a pandemic?!” we have some points that will make you think otherwise.

For instance, during penny-pinching times, necessity is a significant driver of entrepreneurial activity. The pandemic results in unprecedented unemployment rates. American unemployment surpassed 14% peaking during the pandemic compared with 10% during the Great Recession. With more people out of work, some are looking for creative and new ways to make money, like starting a small business or company.
In addition, people are seeing fresh opportunities as a result of increased time at home. Without commuting to work or traveling to school, more people are taking up side hustles that might evolve into a new company. Interestingly, 39% of entrepreneurs start a business to pursue a passion. So, those folks that have taken up bread baking during the pandemic and found it to be their passion might establish a full-blown bread baking company if well-thought-out.
Along with necessity and opportunity, new community needs have developed. Small businesses need to adapt quickly to online eCommerce. Rapid testing solutions need to be created. Smart healthcare technology needs to be advanced. In other words, these are just a handful of examples of the change in social needs due to the pandemic.

This timing, coupled with increasing trends in entrepreneurship according to 2020 stats, has led to a skyrocketing rate of new business filings. The founders of such ventures cleverly nicknamed “COVID-preneurs,” might just well be the next Ken Lin. Will you help with the rise of the “COVID-preneurs?” Sources: LegalZoom  | Intuit

So far, 2020 has been anything but certain for eCommerce brands. Further, we expect many more challenges with the year-end shopping season rapidly approaching. For eCommerce in 2020, consider these 5 year-end challenges to tackle now. The big lesson is that we can prepare and get it right, but the time to start is now.

With that in mind, we are going to look at some of the most significant stressors you will face in the coming months. We will consider how to start tackling them. Further, there are a few places where you can turn trouble into opportunity. There is no time to waste, so let us get started with your calendar.

While the COVID-19 pandemic threw most 2020 eCommerce planning out the window, there are still a few things it has not changed. Most importantly, you know that your customers are ready for some year-end shopping. The holidays are not going to shift much — with a couple of notable exceptions we will talk about later. So, start putting together your calendars for everything related to your business.

A few of the most important dates of 2020 to know:

• U.S. Thanksgiving is on November 26th
  
• Black Friday is November 27th
• Cyber Monday happens on November 30th
• The year-end holiday shopping period generally runs from December 3rd through 21

Get your sales and promotional items ready. Test your marketing messaging and review your sales channels. Test the fulfillment process for anything new that you do. This includes things like extra inserts or branded packaging or giving people freebies with an order. No matter if your year-end holiday efforts kick off on Black Friday or a month earlier in October, you want planning to happen now.

An essential part of this planning is checking your inventory and demand forecasts. eCommerce companies have seen disruption in their supply chains in 2020. You do not want that to happen during the time the bulk of sales occur. Check with suppliers, get bulk orders in now, and plan your freight.

If you have space and budget, order ahead of time. Work with suppliers to be flexible to their needs. And do not forget your packaging. If eCommerce experiences a boom during this time, that will mean more people are trying to buy the same boxes, envelopes, tape, and fillers as you. You will need to order that packaging ahead of time to avoid running out, paying extra, or having to delay shipments.

eCommerce is expanding rapidly, and people who tried digital commerce during the pandemic are likely to use it as a primary way to shop during the holidays. Salesforce’s digital index shows industry gains may be here to stay and that people searching for products online have among the highest intent to buy.

A core takeaway from that trend is that when people find you, they want to buy if you can meet their needs. Unfortunately, many economies have had mixed recoveries and recurrences of coronavirus concerns. People still want to spend this holiday, but smaller budgets are likely.

Tackle that cost challenge by expanding your product list or offering deals designed to meet lower budgets. Consider the discounts you provide or other ways to reduce costs. If you do not have the flexibility to add more, lower-cost products to your mix, think about making free shipping more available or lowering your discounts and deals. Someone who is on the fence about affording a “buy two, get one free” offer might be more inclined to bite if you provide some “buy one get one 50% off” savings options.

Remember, this is all about the first sale. So, you might be able to create initial offers that are cheap but then require refills, such as the razor-and-blades model. Or consider offering subscription services with discounts in the first few months. Subscription billing helps people get in the habit of paying for something and budgeting for your goods on a recurring basis.

Being proactive about subscription services — especially notifications on price changes or when an annual pass renews — is a fantastic way to control complaints and costs while still growing your sales base.

The holiday season is always a critical time for returns. When looking at all eCommerce last year, reports suggest that 25% of annual returns happened between Thanksgiving 2019 and the end of January 2020. Projections show an increase in returns during this year’s holiday season, too.

So, returns are going to be a part of your business no matter what. Even if you have a ‘no-refunds’ policy, you are generally legally required to replace defective goods you sell. You are going to have to use team members to manage customer concerns.

Turn returns into a competitive advantage by offering a smart policy that can even increase future sales. Start by creating a clear policy that is easy to find and understand, which gets people to buy in the first place. Set clear deadlines and set expectations. For example, you may want to tell people that returns can take slightly longer to process during this time because of the increase in overall orders.

Once you have done that, work with your warehouse team or 3PL to understand how returns are physically processed. Ensure you have got extra space and workforce to respond as returns come in. Remind people of the requirements for a product to be checked and put back into your inventory after a return. Clear internal policies can help maintain inventory quality and keep processes moving instead of creating a backlog.

One of our favorite tips is to look within your eCommerce returns capabilities. Use its tools or look for integration partners that can make it easy for customers to print a return label. It automates a lot of manual, time-intensive processes and can ultimately be a cost-saver.

For increased success, reduced questions, and better internal processes, consider creating an illustrated guide of returns steps and requirements.

While we first noted that your business could not change the timing of the year-end holidays, there is one that can: Amazon. And what we are talking about is Prime Day, which is set to be later in the year than usual but might end up pushing some holiday shopping earlier at the same time.

This year, Amazon is moving Prime Day to Q4, and it has currently told sellers to reserve the week of October 5th as a placeholder. Pushing back that late could quickly turn Prime Day into a major holiday shopping event. Prime Day often raises eCommerce sales for other marketplaces and companies running sales, not just Amazon. If people cannot find what they want on Amazon, they are ready to spend and willing to look elsewhere.

Plan for this and run campaigns or make your offers on or ahead of Prime Day. Have sales that overlap and try to earn some new customers while Amazon does the demanding work of getting people in the mood to buy.

What you will want to ensure that you do is help people see why buying from you then is smart. Consider making an offer for free or reduced shipping. Note that their order will arrive in plenty of time for wrapping. Talk about the stress your shoppers will not have to experience on Black Friday or other worries. The coronavirus is still lurking in all our minds and increasing the stress and anxiety of your customers. Have messaging that combines deals with help and relief.

If you are not able to get ready by October, watch Prime Day sales to see what products like yours do well and their price points. It will give you insight into what to offer and how to price it to be compelling.

While your team is managing internal processes and activities to help customers and manage fulfillment, leadership needs to take time to review your business structure and security. One of the chief concerns here comes with fraudulent orders and payments. These can wreak havoc on your overall profitability and increase worries across the board.

As eCommerce grows, so will the risk of fraud. Start reading up on current trends and best practices specific to the goods you sell and the eCommerce platforms and sales channels you use. Facebook sales fraud will look different than Amazon, eBay, or the other sales channels, for example.

Payment providers can be a significant help on current trends as well as protections. PayPal regularly puts out updates on eCommerce fraud and makes recommendations on digital fraud tools. You will also want to train your team on phishing and other attacks to protect against social engineering. Clicking on one lousy link is all it takes, unfortunately.

If you have shifted where people work due to COVID-19, be sure to look at cybersecurity best practices for remote teams, too. Anyone with access to your network or system can create risk. With so many transactions going on, fraudsters will try to sneak by you with links, stolen cards, faked accounts, and much more.

Get your plan together now.

One unifying feature about year-end challenges in eCommerce is that everything needs to be tested and checked again and again. Processes for returns and refunds need to occur on software and warehouse levels. Marketing campaigns should get A/B testing and all your landing pages reviewed ahead of time. New products and partnerships, expansions of inventory, and even the materials to pack up orders should be ready ahead of schedule.

It all takes an immense amount of planning. So, that is the first step and one you should take today. Identify the roles and responsibilities of these initiatives and create a list of people who are involved. Define who can verify each of these elements and how they will play a role in the day-to-day activities when the year-end is here. But remember, planning is the first of eCommerce in 2020 challenges 5 year-end  to tackle now.

Do not let deadlines creep up on you before you are ready and have a team in place. Get your people together now. Rely on them to help you with these and many more challenges you will face throughout the rest of 2020.

Thanks to Jake Rheude is the Director of Marketing for Red Stag Fulfillment for the ideas and content of this article. He has years of experience in eCommerce and business development. In his free time, Jake enjoys reading about business and sharing his own experience with others.

As meeting online has replaced in-person meetings, I have noticed that many people struggle as they don’t have a few essential pieces of tech.

The following are my tech recommendations to improve your online meetings.

Whenever possible, the use of a wired internet connection is preferable for online meetings. A wired connection will provide consistent performance during the entire session. During a recent meeting with a colleague, their sound and picture kept cutting in and out. The cause was the wifi in their home.

The mic built into your laptop or webcam may seem perfectly adequate to you. However, others attending the session may not feel the same.

Many built-in mics do not provide sufficient directional focus causing significant background noise or, worse yet, feedback from your speakers.

I recently upgraded to a Blue Yeti, a great mic with the ability to select the pattern for the mic between stereo, cardioid, omni and bidirectional. For USB mic recommendations, check out PCMag 11 top picks at https://www.pcmag.com/picks/the-best-usb-microphones  

Another option is a good quality headset with a boom mic. The disadvantage is the discomfort of wearing a headset compared to having a mic sitting on your desk and how you look wearing it.

The important part of any speakers you are using is that the mic is in front of and not facing the speakers. In cases where this is not possible, earbuds are a more discrete option.

I use the speakers on my monitor for most meetings; however, when others are around, I use earbuds plugged directly into my Yeti mic.

A camera can range in price significantly, and at this time are very difficult to find. At a minimum, it should be 720p, preferrable 1080p.

I have ordered a replacement for my old 720p camera, and when looking at alternatives, I considered using my smartphone or digital SLR camera. Check out webcam reviews and links to using your digital SLR or smartphone at https://www.pcmag.com/picks/how-to-buy-the-best-webcam.

What is a good webcam without good lighting?

First, make sure not to have anything bright behind you, which can cause exposure issues.

You may also find a room with a brightly painted wall can change the hue of the image. I have such a wall and by pointing an inexpensive LED desk lap at myself, the colours and overall image quality improved.
There are dedicated lighting systems for use with your webcam, which will further improve video quality. Check out your favourite tech store for all of the options available.
 
When people in the meeting can see and hear you clearly, the whole online meeting process is better for everyone. Review your tech and invest in some of the above-noted items; after all, online meetings are here to stay.

One last thing, don’t forget to clean up the background.