Category: Ecommerce

Reduce Professional Stress

1/10/2021

If you’re an entrepreneur or busy professional, chances are you know a thing or two about stress. We need to reduce professional stress. Everyone experiences stress at one level or another. However, when you have a seemingly endless list of daily responsibilities, the pressure can quickly mount up. In addition, stress perpetually leaves you feeling overwhelmed. Your natural response may be to “suck it up” and keep moving. However, operating under such tremendous stress will ultimately hinder your productivity and limit your potential—not to mention the harm to your health.

If you want to manage and relieve your stress amid a busy work life and start working toward your goals more efficiently, consider these quick stress-reduction tips:

Explore Funding

One of the most significant stressors for many entrepreneurs is money. Therefore, if you have a cash flow problem, consider applying for financing. There are many options for small business funding. In addition, obtaining funding can help you in several ways. For example, working capital can allow you to add inventory, hire workers, and acquire much-needed equipment. Above all, finding the right financing can help ease your mind and make it possible to achieve your goals faster.

Get a Developer

Having a great website that makes your business stand out is essential. However, it’s yet another thing to cause worry. That’s where outsourcing a developer comes in. For instance, you can bring in a freelance web developer to help you build a full-on eCommerce website that does everything your customers need it to do.

Start Delegating to Reduce Your Stress

This one can be tough as a small business owner. Ultimately you are responsible for your company’s success or failure. However, it’s vital to have workers you can trust and trust those workers with tasks you shouldn’t be doing. Above all, if you’re not delegating tasks so that you can focus on running the business, there’s not much point in having employees.

Make Time for Yourself

Everyone knows that having a little bit of time to themselves does them good. Still, many entrepreneurs and professionals neglect personal time. In other words, they can’t imagine having the time for it. But here’s the thing: there will never be the time for it unless you make it.

Decide to take a hiking trip over the weekend or take the family to the beach for a few days. In addition, set aside an hour each day to do something for yourself. For instance, exercising, taking an arts and crafts class, or anything else that helps you to de-stress and take your mind off work can be a good thing.

Making time for yourself could also involve creating an at-home workspace that allows you to get your work done comfortably. While comfortably working may not seem as fun as a hiking trip or a vacation, creating an area where you feel productive and comfortable will help you in the long run. So, outfit your workspace with comfy furniture, a nice desk, and decor that enables you to feel at ease. Above all, when it’s time to sit down and get some work accomplished, you’ll be more productive.

Actually Unplug

When you do take time with yourself and your loved ones, devote your attention to what you’re doing. Don’t keep your mind back at work while you’re supposed to be enjoying time away; be in the present. One practical way to achieve this is to commit to not checking your emails or answering phone calls or texts. Pick a time in the day to reply to messages. Above all, if it’s not a matter of urgency, don’t respond until the designated time.

Being a small business owner or professional is stressful. It’s imperative to find a way to reduce professional stress so that you can be happy and productive. Remember to investigate business financing and consider bringing in a web developer to improve your website. Also, delegate tasks to others, and spend time away from work where you unplug from your responsibilities. Above all, keep an open mind to other ways you can reduce stress and work more efficiently.

Randy Johnston

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Launching a Company Rejuvenates Your Career

12/2/2020

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Here's How Launching a Company Rejuvenates Your Career

A career setback may have you questioning your professional path, but that doesn’t mean you don’t have the right skills to succeed. Instead of focusing on the negatives, think about forging your own way. Launching a company likely rejuvenates your career because you’ll be pursuing your passion. Here’s why it’s a great idea to launch a startup – and advice on how you can go about it.

Why Start Your Own Business?

Starting your own business can afford your independence, confidence, and the opportunity to scale your wealth. Still, it’s challenging to build a company from the ground up. Consider the challenges of business ownership before getting started.

As Forbes notes, some of the top challenges entrepreneurs face revolve around getting their startups off the ground. Especially in the early stages of your journey, it’s an excellent idea to connect with other professionals. Working with a mentor like Nick from Origin Leadership can help you realize your goals and achieve success.

4 Tips for Entering Entrepreneurship

Leaving a comfortable job (and stagnant career path) can be scary but also freeing. As you start out on your entrepreneurial journey, consider these four tips for building a business model that works.

Focus on Funding First

Many would-be business owners hit a wall when it comes to financing. If you don’t have spare cash lying around to invest in your company, consider small business funding options. From government loans – like SBA Express Bridge loans and traditional SBA options – to non-government funding sources, there’s no shortage of assistance out there.

Be Open to Change

Learning how to start a business after a career setback requires you to be strategic and open-minded. Despite your best intentions, your business is bound to encounter challenges. From products that don’t sell to a service model that always needs tweaks, adaptation is the entrepreneurial game’s name. As Startup Nation elaborates, some of the most successful entrepreneurs’ top traits include passion, tenacity, flexibility, and resilience. Keep this in mind when adapting to changes within your business model.

Perseverance is a Key Trait

You may be looking toward business ownership as an alternative to a corporate career. But the truth is that like climbing the professional ladder, starting your own company is fraught with risk. Fundera reports that 20 percent of small businesses fail within their first year. Perseverance will be essential when building your brand – even if you encounter failure in your first attempt.

Branding Can Build Your Biz

You might think of branding as something that worries only large companies. Iconic labeling and recognizable acronyms are only for big names, right? Wrong. Even smaller-scale organizations need a solid branding strategy. Developing your brand can help you attract your ideal customers, elevate your value, and build networking connections.

Find Your Ideal Business Venture

The perfect business venture is out there somewhere – but how do you find it? Prioritizing your passions is smart, but you’ll also need to consider what industries are the most lucrative. According to The Balance, some of the most profitable small business niches include technology, software, and food. But don’t underestimate the personal benefits of launching a company that rejuvenates your career.

Brick-and-Mortar Companies

Opening a restaurant or bar might seem risky these days. But if your model is innovative – or even portable (food trucks continue to be a hit) – your odds of success increase exponentially. Similarly, retail can be a boon for business – but moving online may also be smart.

Online-Based Businesses

Whether you decide to go freelance or hire staff, offering online services is an excellent way to weather economic changes. From writing or graphic design to accounting or bookkeeping, there are tons of services you can offer online to a wide range of clients. Further, additional opportunities could include an Online Shop as covered next.

ECommerce Models

ECommerce is another online business that involves physical products. You can choose a drop shipping model or maintain inventory in your home or storage space. Creating an eCommerce shop may be the most straightforward way to establish a solo business.

Launching a company that rejuvenates your career after a professional setback can feel impossible. But happily, branching out into entrepreneurship affords you endless opportunities. All it takes is a smart plan – and plenty of motivation – to get started.

Need help with software? Look at K2’s AccountingSoftwareWorld Website.

Randy Johnston

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eCommerce in 2020: 5 Year-End Challenges to Start Tackling

10/11/2020

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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.

1. Plan for important dates

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.

2. Expand options for price sensitivity

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.

3. Prepare for returns, a critical eCommerce challenge at a busy time

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.

4. Help people shop early

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 5 th 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.

5. Read up on fraud, especially in payments

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.

Is your planning team together?

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.

Randy Johnston

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Authors

Ward Blatch
Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

Alan Salmon
Alan Salmon is recognized as Canada’s leading analyst in the area of accounting technology. He has nearly 35 years of business, management systems, education and journalism experience, has a degree in Science and an Advanced Teaching Certificate from the University of Toronto. Alan has now retired from teaching and lives in Brampton, Ontario with his wife Nancy. He can be reached at alan@k2e.ca

Tommy Stephens
Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

Randy Johnson
Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com

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Reduce Professional Stress

Explore Funding

Get a Developer

Start Delegating to Reduce Your Stress

Make Time for Yourself

Actually Unplug

Randy Johnston

Launching a Company Rejuvenates Your Career

Here's How Launching a Company Rejuvenates Your Career

Why Start Your Own Business?

4 Tips for Entering Entrepreneurship

Focus on Funding First

Be Open to Change

Perseverance is a Key Trait

Branding Can Build Your Biz

Find Your Ideal Business Venture

Brick-and-Mortar Companies

Online-Based Businesses

ECommerce Models

Randy Johnston

eCommerce in 2020: 5 Year-End Challenges to Start Tackling

1. Plan for important dates

2. Expand options for price sensitivity

3. Prepare for returns, a critical eCommerce challenge at a busy time

4. Help people shop early

5. Read up on fraud, especially in payments

Is your planning team together?

Randy Johnston

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