OUR LATEST INSIGHTS

Up to date, high-level business information that is relevant to our clients and contacts, helping keep up to date on the ver-changing business world of today.

Cal Wilson / October 4, 2022

Why you should be reading every day, and how to read more.

If you’re reading this right now, know that literacy is one of your greatest privileges. The ability to read, reflect on what you’ve read, and share it with others, is an important skill that will serve you for your entire life. That is, of course, if you continue to use it.  

Whether it’s books, articles, studies – or whatever else captures your interest – reading is beneficial to you in several ways. In this issue of the Pulse, we cover why you should be reading every single day, and how you can build that habit.  

The emotional benefits of reading. 

Reading is more than just a hobby or pastime. It has the power to impact your mood, health, and career success.  

Adding reading to your daily routine – even in short doses – can boost you emotionally in the following ways: 

  • Reading allows for escapism – this might sound cynical, but sometimes we all need a small mental break. Reading gives your mind space away from whatever is going on in real life, to be entertained and decompress.  
  • Reading motivates – especially through reading fiction, memoirs, poetry, and other inspirational genres, reading can motivate us to work harder, overcome obstacles, and step outside our comfort zones.  
  • Reading activates empathy – reading takes us outside ourselves and allows us to think from others’ points of view, building our capacity for empathy, a crucial quality in many areas of life.  
  • Reading is a tool for mental health – some experts believe reading can help combat symptoms of depression, such as isolation and loneliness.  
  • Reading fosters perseverance – reading, specifically finishing books, teaches us to push through to complete our goals, feel accomplished at milestones or checkpoints, and follow through on commitments.  

The physiological benefits of reading.  

Reading is food for your brain that nourishes your entire body. There are several ways reading is good for your physiological health: 

  • Reading is a cognitive exercise – it challenges your brain to intake and process information, then recall it later, sharpening your memory function.  
  • Reading helps your sleep cycle – the destressing and calming function of reading is a great way to transition from the business of your day into the right headspace to get some sleep. Next time you’re stuck awake, try reading just a single chapter.  
  • Reading reduces stress – as previously mentioned, the escapist function of reading reduces stress, lowering heart rate, blood pressure, and overall, contributing to better physical health.  
  • Reading can combat cognitive decline – as we age, it’s important to adopt habits to keep our brains active. Reading is just one great strategy.  

The career benefits of reading.  

An avid reader has an advantage, no matter what their field of work. If you’re looking for an easy route to self-improvement, sharpening skills, and giving you an edge up in the job market, reading more is an easy strategy.  

Reading can give you the following career advantages: 

  • Reading improves concentration and focus – if you’re someone who struggles with concentration and focus, no matter the reason, reading can be a good skill to train your brain. Even if you’re practicing focusing on the small details for only short bursts, it’s still beneficial to your performance in other areas of your life.  
  • Reading improves your literacy – by encountering new words, phrases, and sentence structures, reading can improve your vocabulary and understanding, thus boosting your overall literacy. Your literacy will aid in your communication skills, both written and verbal.  
  • You learn when you read – whatever you’re reading, chances are you’re going to learn something new at some point. Diversifying your reading will help you build a wide bank of knowledge to draw from in real life situations. You can take this a step further by seeking out materials on relevant topics to your career.  
  • Reading enhances your imagination – many jobs value innovation, creativity, and original approaches to problem solving. Reading helps you foster that part of your mind.  
  • Reading boosts your analytical skills – analytical, critical thinkers tend to be better decision makers. This is important, especially if you’re in a leadership position.  

How you can read more.  

If you’re sold on the benefits of regular reading, but unsure of how to incorporate it into your daily routine, there are steps you can take to implement the habit: 

  • Always have a book on hand – keep it in your desk, your car, your bag, wherever. If there’s always a book on hand, you’ll be able to fill empty space in your schedule, such as time spent in a waiting room, with reading.  
  • Make manageable goals – instead of taking on War and Peace this month, maybe start with 20 pages a day, and adjust as that goal becomes easier.  
  • Don’t waste time on something you don’t enjoy – if you’re a hundred pages into a novel you’re hating, it’s easy to become stuck. Better to put the book down in favor of one you enjoy, than avoiding reading altogether.  
  • Read what you like, not what you feel like you should read – you’re going to hear a lot of opinions from a lot of people on what you should be reading. The most important thing is to read what will keep you reading. If that’s a book on entrepreneurship, great! If not, the only thing that matters is that you’re engaged.  

In conclusion… 

Our ability to read, and access to reading materials, is one of life’s greatest gifts. Not only can reading have a positive impact on your mood and health, but it gives you a leg up in your career as well. 

At Schooley Mitchell, we have always believed in reading a business book each month; but in general, any way to incorporate more reading into your regular life will only stand to benefit you.  

 

Cal Wilson / September 26, 2022

Should you buy or lease a card terminal?

For today’s merchants, offering quick and accessible payment options is a must. For physical locations, that often means keeping up to date with the latest quality terminal technology.  

One of the tougher decisions can be whether to rent those current terminals from your provider, or purchase them outright. In this article, we examine that question in depth.  

A clear answer is hard to find.  

Researching whether to buy or rent can leave you with as many questions as answers. You’re going to get different advice anywhere you look, which can make it hard to know who to trust. And the truth is, there is rarely a one-size-fits-all solution when it comes to business. You have to evaluate the facts and decide what is best for your individual business.  

Advantages of renting. 

Renting tends to be the more common choice for businesses.  

Often, the difference between renting and buying can be a matter of what your gameplan is, and how much capital you have. With less up front, renting might be a better option.  

The pros of renting Point of Sale (POS) terminals include: 

  • A low upfront cost – if you’re a new business just getting off the ground, renting equipment is considerably cheaper in the short term.  
  • You’re not married to the equipment – if it turns out the hardware isn’t the best fit for your business, you can make arrangements with your provider to change it, rather than owning devices you’re unhappy with.  
  • You can update your equipment with the times – as technology advances, so can your POS equipment, without you having to buy a new system. 
  • Rentals are often bundled with security software from the provider.  

Disadvantages of renting.  

While there are plenty of advantages to rentals, there is always a flipside. The cons include: 

  • Higher long-term costs – there comes a payment period with renting when you’ve surpassed the price of purchasing the equipment. 
  • You may be locked into an unfavorable contract – renting might come attached to a contract that limits your options and agencies over your payment processing environment. 
  • Your provider might pressure you into a longer term – some providers will offer cheaper rental agreements in exchange for a longer contract term, which might seem great at the start, but isn’t ideal in the long run.  

Advantages of buying. 

There are advantages to buying your terminals beyond just avoiding the downfalls of renting. These include: 

  • Full control – owning your own hardware allows your business to build POS infrastructure that’s best for your needs, including using native apps, third-party apps, and  third-party hardware add-ons. 
  • You own the equipment at the end of the day – whether you have the ability to resell it, or it just reliably lasts you for a long period of time, ownership can come with more ease of mind than renting, and is one less thing to budget for.  
  • You can buy bundled equipment – if you manage a physical storefront, some hardware sellers will offer discounted bundles that include multiple terminals, printers, cash registers, etc.  
  • It is possible to purchase second hand machines, but be wary of faulty equipment.  

The most important factor is your business’ individual needs.  

No matter whether you choose to rent or buy, what’s important is that you’re using the best technology for your business. When choosing the terminal, be sure to consider the following priorities: 

  • Ease of use – for your staff as well as your customers. 
  • Simple/custom price input. 
  • PCI compliance. 
  • Payment security. 
  • Compatibility with latest payment methods, such as tap, mobile wallet, etc.  
  • Portability. 
  • Connectivity – some terminals can connect to WiFi and some to ethernet, depending on your setup, that distinction will be critical. 
  • Receipt options – does the terminal print or email receipts?  
  • Warranty/replacement options – whether renting or purchasing, be sure to know what your options are if the hardware is damaged or broken.  

In conclusion… 

There is no one right way to go about getting your payment processing equipment. Whether you buy or rent your terminals, there are advantages and disadvantages.  

Largely, the best solution is going to depend on your business’ upfront capital, monthly budget, physical setup, and other unique needs.  

The most important thing to remember is to shop around, and not let a provider lock you into a contract that doesn’t serve you.  

Related articles: 

 

Cal Wilson / September 20, 2022

Building teamwork skills for yourself and your staff.

Teamwork is a critical component of success for many jobs, across all industries. No matter what your job title, if teamwork is a part of the equation, it’s a skill you should work on fostering in yourself and supporting in others.  

In this issue of the Pulse, we look at ways you can develop your own teamwork skills, as well as support teamwork in the workplace.  

Improving on your own teamwork skills. 

No matter what kind of team you’re on – in the workplace, in your personal life – these skills are critically important: 

  • Communication skills – building your communication skills includes practicing better listening, being effective and clear in the language you use to convey your thoughts, and being fluent in the latest methods of communicating with your colleagues, such as Microsoft Teams, Slack, or Zoom. 
  • Mindfulness – while there are always going to be aspects of teamwork you don’t like, such as difficult tasks or differences with teammates, being able to control your thoughts and focus on what is going well will aid you in building better relationships and getting the job done.   
  • Flexibility – no, not your yoga skills, but rather your ability to cope with change, adapt to new methods of doing things, and accommodate differences.  
  • Reliability – this may seem obvious, but not everyone comes across as reliable. Are you on time, responsive, and meeting your deadlines? Can others trust you not to flake out on responsibilities? This is all about self-awareness, taking accountability, and following through.  

Be a good team member.  

Each team structure is going to look a bit different, especially depending on where you are in that structure. Maybe you were an exceptional team player on a school sports team, but work life is a bit more complicated.  

Here are some good practices to employ: 

  • Understand your role on the team – understand your job description and responsibilities versus those of others, and where you fall in the team structure. Know what you and your coworkers each bring to the team.  
  • Show gratitude for your teammates – say thank you, acknowledge what you appreciate, and be someone your team members want to work with.  
  • Know your strengths – if you understand your strengths and weaknesses, you will better understand when to offer help and when to ask for it. Both actions are integral to good teamwork.  
  • Don’t argue over getting credit – there is no need to bicker or fight for credit. Show appreciation, shout out your teammates, and hope they do the same for you. Grappling for the spotlight will make you seem argumentative and ego-centric, even when you might deserve it. Likewise, don’t be quick to blame other people when things go wrong.  
  • Think with a team mindset – when it comes to work-related decisions, are you thinking about what is best for you, or what is best for the overall good of the team? 

Foster teamwork in the workplace. 

This is going to look different if you’re in a managerial or authority role, versus a subordinate role. If you’re the person in a leadership position, here are some ideas to foster better teamwork among your staff: 

  • Lead by example – demonstrate your hard work, dedication to the job, and commitment to the overall success and wellbeing of the team. Be a boss that inspires teamwork. Leaders’ attitudes are often infectious and can empower or deject staff.  
  • Plan team activities – occasionally organizing non-work-related activities can allow your team to bond better, without the pressure of the job. Games, meals, or outdoor activities are great examples of ways to connect.  
  • Establish good boundaries for your sake, and for the sake of everyone on the team.  
  • Make the ‘why’ clear – when establishing a rule or assigning a new task, make sure the purpose is clear, and not just “because I said so.” The latter will leave employees feeling unenthusiastic, but with the right ‘why’ in place, employees will be invigorated with a sense of purpose.  
  • Recognize wins and great work – whether this is a simple shout out, or a more tangible award, making your employees feel appreciated goes a long way in motivating a team.  
  • Offer a collaborative workspace – if possible, having a room or office dedicated to employee collaboration can be a great way to incite teamwork without disrupting other workplace procedures.  
  • Play to your employees’ strengths – teams that focus on strengths every day have 12.5% higher productivity. 

Why does this matter? 

Functional teamwork matters. In fact, poor teamwork can have serious consequences. For example, a recent study found that 86% of employees cite lack of collaboration for workplace failures. Likewise, 81% of workers would feel more grateful if they felt their boss was appreciative of their work.  

In conclusion… 

Teamwork is an incredibly important part of being a leader and an employee. There are simple skills, habits, and commitments you can make to be a better team player, that will go a long way in improving workplace relationships, job performance, and overall morale.  

Cal Wilson / September 12, 2022

Common telecom billing errors, and how to avoid them.

Telecom bills have been notorious for billing errors, ever since a 2005 Gartner study revealed up to 80% of invoices contained some kind of mistake.  

Since then, better technology and automation have improved the situation, but telecom billing errors should still be taken seriously. Even today, that number is as high as 15% 

In this article, we look at the most common telecom billing errors, and how your business can take measures to prevent losing money to them.  

How are you billed for telecom services? 

Your business’ telecom invoice is likely made up of two main components; equipment rental and usage fees. If you own all your equipment outright, then you will only need to worry about billing errors in the usage portion.  

Billing errors from the vendor.  

Many billing errors are mistakes on the vendor’s end. It’s important to scrutinize – or have a professional audit – your telecom bills for these errors. They can include: 

  • Billed for disconnected services – sometimes, after cancelling a service such as an extra phone line or data add-on, a customer may still find themselves incurring charges for the extra service they did not receive.  
  • Billed for another customer’s services – these kinds of mistakes happen and can be quite costly if not flagged. 
  • Non-recurring errors – there can be many one-time mistakes, such as incorrect service or overage charges, that are easily resolved as long as they are noticed.  
  • Tax errors – if your business operates in multiple nations, states, or regions, multiple tax laws and processes may leave you susceptible to errors you don’t understand or know to look out for.  
  • Unfulfilled credits – if you’re promised a credit or discount from an agent, it is prudent to ensure this promise has been fulfilled. 

You’re paying for the wrong plan.  

Sometimes it’s less that there is a mistake on your bill, and more that you’re continuing to pay for the wrong service for your business. This can look like: 

  • Paying for excess usage – when your plan doesn’t cover the full scope of your needs, you will end up paying costly overage fees.  
  • Paying for a plan that’s more than you need – likewise, if you are only using a fraction of your plan’s allowances each pay period, you are likely paying for a plan that is more expensive than it needs to be.  
  • One size fits all plans or bundles – some vendors only offer bundles that aren’t customizable to each customer, meaning you’re likely not paying for optimized solutions.  
  • Outdated plans – in the ever-changing, competitive world of telecom, plans and market rates change quickly, meaning the length of your contract may mean you’re paying for an out-of-date plan, and therefore, not getting fair market prices.  

What can you do to avoid overpaying? 

The best strategy to avoid overpaying for billing errors is vigilance and attention to detail.  

First, it’s important to know what you’ve agreed to pay for, so you know if you’re invoiced for a service incorrectly. This means taking the time to review your bills every payment period and asking questions about any charge you don’t recognize.  

Likewise, when it comes time to reevaluate your contract, consider shopping around. Making a change to your services can be daunting, but your business’ needs are unique, and the provider that can best accommodate that individuality will likely optimize your cost.  

If this all sounds overwhelming and time consuming, that’s because it can be. We highly recommend working alongside professionals, who have the expertise in reviewing bills and identifying errors.  

In conclusion… 

While the rate of telecom billing errors has decreased in the past twenty years, they are still prevalent enough to be concerning. However, attention to detail and proactivity can save your business significantly in the face of incorrect invoices.  

Related articles: 

Cal Wilson / September 7, 2022

A Plan is Not a Strategy

A comprehensive plan—with goals, initiatives, and budgets–is comforting. But starting with a plan is a terrible way to make a strategy. Roger Martin, former dean of the Rotman School of Management at the University of Toronto and one of the world’s leading thinkers on strategy, says developing strategy means going outside an organization’s comfort zone and escaping the common traps of strategic planning. 

Cal Wilson / August 29, 2022

What is the future of drivers in long haul trucking?

New regulations, driver shortages, supply chain issues, and rising fuel costs are just some of the issues leaving the future of the trucking industry uncertain.  

The way some companies are looking to combat these challenges is via autonomous vehicles. While still in its early stages, this trend could have significant impacts on the industry and those employed by it. In this article, we look at some of the current issues and predicted outcomes.  

State of the industry. 

It should come as no surprise that the past two years have been difficult for the trucking industry and driver shortages are one of the primary concerns. Unfortunately, there doesn’t seem to be a relief to this shortage in sight.  

There are few young people entering the industry, and at the same time, nearly 25% of drivers in the United States will be eligible for retirement in the next ten years. While the current shortage of drivers is an estimated 80,000, the American Trucking Association predicts it will reach 160,000 by 2030. 

On top of shortages, new electronic logging device (ELD) mandates have limited the time drivers can be behind the wheel, meaning more drivers are needed to cover the same amount of time as before the mandates.  

Companies employing drivers find themselves competing for the existing labor supply by offering competitive wages, better benefits, bonuses, and other solutions, all at a time when operational expenses are higher than ever. They are also faced with finding strategies to make the field appealing to young candidates, many of whom are deterred because of the demands of the job.  

Are autonomous trucks the solution? 

Experts are predicting that autonomous trucks will be the save the trucking industry needs to stay afloat. Not only would autonomous trucks make the driver shortage moot, but they also have the potential to improve road safety and efficiency amid the growing shipping demand.  

Some of the benefits of autonomous trucks over human drivers include: 

  • They can operate up to 17 hours per day.  
  • They can operate around ELD mandates, which limit human driving hours.  

Of course, this technology is not yet perfected, and is not without cons. Some of these cons include: 

  • Difficulty operating in extreme weather conditions, such as snow or fog.  
  • Reliance on high-speed 5G connections. 

Right now, autonomous trucks are a priority for several of the world’s largest manufacturers – such as Volvo, Tesla, and Aurora – who are all racing to perfect the technology and take advantage of the emerging market.  

Even former bitter rivals Uber and Waymo are partnering to integrate Waymo autonomous driving technology with Uber Freight.  

Test driving is in progress.  

Depending on where you live, you might even see a self-driving truck in its testing phase.  

Right now in the Southwestern United States, for example, Kodiak autonomous trucks are operating along specific routes.  

Ronald Leibman, head of the transportation, logistics and supply chain management group at McCarter & English, told Forbes, “the pace and success of the tests that are happening around the country would seem to suggest it’s only a matter of time before self-driving trucks are on the road in every state. I’d say we are probably two or three years off from that being the case for over-the-road shipments, particularly across the southern U.S.” 

Causes for concern? 

The idea of automation in the trucking industry is not without its critics; specifically, those on the labor union front who worry about job displacement. By some estimates, autonomous trucks could displace as many as three million workers.  

One solution to this concern is hybridization, where the industry works with a combined fleet of human-drivers and autonomous vehicles.  

According to David L. Buss, chief executive of DB Schenker USA, “it’s likely that hybridization between automated trucks and human drivers is the ideal solution to tackle this ongoing challenge… Together, self-driving trucks and human drivers can fill the gaps and complement each other’s strengths and weaknesses.” 

Buss points out that while self-driving trucks may be better for long haul routes in mild climates, humans are better suited for short routes, loading and unloading, inclement weather, and more.  

Other industries could be impacted.  

The rise of self-driving trucks might not only mean job displacement for drivers. Another industry that might end up hurting is truck stops.  

An article in The New York Times recently warned the support system that serves [truckers] is at risk of disappearing.” 

Autonomous vehicles don’t need to stop for food or bathroom breaks – meaning if routes along long stretches of highway are given to self-driving vehicles, the businesses along these routes may suffer or close.  

In conclusion… 

The state of the long-haul trucking industry is worrying, but one thing is for sure; the rise of autonomous vehicles will shape its future.  

Related articles: 

Cal Wilson / August 23, 2022

Success in the face of adversity – Looking back 12 years later

In July of 2010, we shared a story about a business local to our Head Office, that went through a difficult tragedy, but managed to come back stronger than ever with the support of its community.  

Twelve years later, in a time of economic adversity where many businesses find themselves uncertain about the future, this story may still offer some hope.  

In this issue of the Pulse, we are revisiting our story from 2010, with the hopes that it may bring some inspiration and a smile in these challenging economic times.  

Chapman’s – success in the face of adversity 

In September of 2009 the tiny village of Markdale, Ontario, Canada, was struck by a disaster that could have easily been an insurmountable barrier to survival for the community.  

The entire facility of the town’s primary employer, Chapman’s Ice Cream, burned to the ground.  Just a few weeks earlier, Markdale had also been hit by a tornado that caused significant damage to the area.  The residents most certainly felt a sense of doom at their misfortune. 

What could have been an epic disaster for Markdale has turned into a wonderful feel-good story as well as a tale of success, community values, and persistence in the face of adversity. 

Founded by David and Penny Chapman in 1973, Chapman’s Ice Cream is Canada’s largest independent ice cream company.   At the time of the fire, Chapman’s employed 350 locals. 

The family-owned business has always been noted for its exceptional treatment of the community and its employees.  Nobody knew ‘how good’ until the fire struck. 

The Chapmans could have easily taken their wealth and retired to a warm and sunny locale. They didn’t do that. They could have chosen to rebuild in another location, in a bigger city, closer to transportation hubs. They didn’t do that either. 

David and Penny Chapman immediately promised the community they would rebuild – in Markdale.  They also assured their employees they would be looked after.  On this last promise, Chapman offered no specifics according to several employees who were at the post-fire meeting. None of them particularly cared. David Chapman had made a commitment; David Chapman, they were certain, would keep it. 

As it turned out, he did. No employee missed a payday. Responsibilities may have changed as they worked on the business recovery and rebuilding project, dubbed Project Phoenix, but work continued.   

“From ashes to ice cream”, is how Penny Chapman phrased it. 

Recovery plans were quickly put in place.  As a temporary measure, an existing furniture warehouse was converted into a production facility. Used equipment was purchased at an auction in Florida.  Chapman’s also outsourced production to smaller ice cream producers throughout the region. Retail facilities maintained their stock and the Chapman brand was maintained. 

In addition, Christmas bonuses were paid to employees as is their annual tradition. Nobody would have complained if they weren’t paid bonuses but that just wasn’t the way of doing business at Chapman’s. 

The Chapmans also began the process of building a brand-new facility almost twice as big as the old factory. It is expected to start making ice cream in September of this year.  It will also include a separate nut-free manufacturing facility.  Out of the ashes rises impending growth.  

The return to the company for their actions and loyalty over their 36 years of existence was the faith and support of their employees during the time of crisis. The village could not have survived without the Chapmans’ efforts and those of the employees working together and having faith in the future for the company as well as their way of doing business. 

“It was a miracle,” said Penny Chapman of the quick recovery and stop gap measures. She also said, “There was never a moment where we said we’re not going to rebuild. They’re investing in us, so we’re investing in them”. 

The Chapmans are revered by their employees and the community, and have always been well respected for their good deeds.  The Chapmans have turned what could have been the demise of a small community into a very positive situation that will be rewarded for generations to come.  It is a just reward for treating people right. 

Flash forward to 2022. 

Twelve years later, and Chapman’s is a family owned and operated business with a strong commitment to its community, on top of being one of Canada’s favourite ice cream makers! It has survived COVID-19 and other economic struggles, showing the true strength of great leadership and service to both its employees and its customers.  

Now, the fire that could have closed the business down is just a chapter in its distinguished history, showing us all that times of adversity pass, and a resilient spirit goes a long way.  

Cal Wilson / August 15, 2022

How to choose an eSignature solution that’s right for your business.

For many businesses, not having an eSignature solution is no longer an option. Not only do customers expect the convenience and speed of eSignature, but it allows your business to be operational when in-person services are unavailable.  

While you might be sold on eSignature as a technology, there are a lot of options out there – and that can be overwhelming.  

So how do you choose an option that is the best for your business? In this article, we offer some advice.  

Don’t settle 

When confronted with many options, it can be tempting to settle for an easy first option. We highly recommend you shop around and investigate your options with several providers.  

It will save your business time and money to find the vendor that best meets your organization’s specific needs.  

eSignature priorities 

When searching for an eSignature provider, there are specific priorities you should keep in mind. These include: 

  • Flexibility 
  • Security and authentication 
  • Branding 
  • Ease of use 
  • Integration with your existing software 
  • Vendor support  

Flexibility 

Some eSignature contracts will lock you into a certain number of envelopes each pay period, with strict fees for overages. Depending on your business’ growth trajectory, that could end up hurting you. It may not be a good idea to lock yourself into a conservative number.  

Likewise, you are going to want to make sure the solution you choose has all the options you need to reach your customers. Flexibility of deployment, and of the ways your customers can access documents, from device compatibility to application requirements, is going to be important for the overall convenience and value of the service.  

Moreover, if your business has customers across the globe, you will need to ensure your provider supports global functionality and potentially signing capabilities in multiple languages.  

Security and authentication  

One of the differences between eSignature and traditional wet signature methods, is that you’re not seeing the signer sign the document. So, there is some possibility of fraud.  

However, most providers have built-in methods to protect against fraud, including authentication protocols before your customer can sign. In today’s day and age, it’s important to choose a vendor that supports proper authentication methods, to protect your customers and your business.  

Branding 

It’s important that the documents you send are identifiably branded. If your documents cannot be customized to reflect your brand, you’re risking increased abandonment rates and decreased customer trust.  

Overall, professionalism and brand integrity during the eSignature process will help close more deals and build customer trust.  

Ease of Use 

Your eSignature services are hardly worth the money if your customers struggle or fail to understand how to use them. A good eSignature solution should be simple, accessible, and quick for your customers.  

Likewise, it should be easy for your employees to learn how to manage and deploy. If your eSignature solution isn’t making your workflow faster and more efficient, it isn’t worth it.  

Integration with your existing software 

Your business likely uses software for your day-to-day operations that you rely on. Whether that be Outlook, Adobe, or another program. It’s important your eSignature solution integrates seamlessly with this software, so your operational processes aren’t impacted upon adoption.  

Vendor support 

When you’re shopping around for your eSignature provider, see what kind of ongoing support they offer their clients.  

A vendor who offers friendly and quick customer support services will be well worth your investment in the case there’s ever an issue. Being able to get help on the line to resolve any problem that might be occurring could save a deal, improve your customers’ experience, and make sure nothing is being missed in an important process.  

What else matters to you? 

Of course, this is just a list of some of the top priorities to consider when looking for an eSignature solution. Your business is also going to have unique needs that must be met. Be sure to address those with every vendor you talk to.  

The eSignature market is still young and dynamic – while some of its growth has stagnated since the height of the COVID-19 pandemic, there are still many providers and many options available for your business. Needless to say, as we move further into the digital age, there will be more and more options to choose from, as well.  

Related articles: 

Cal Wilson / August 9, 2022

You may need an escape from email overload.

Many of us wake up every workday with a torrent of emails sitting in our inbox. Our first task when we clock in is probably to sort through them, only to have more and more come through over the rest of the day.  

If this sounds familiar, you might be dealing with email overload. In this issue of the Pulse, we’re looking at the phenomenon of email overload, and how you can set yourself free.  

Email overload.  

The responsibilities of your job include keeping up to date on your inbox, but likely you have a lot better things you could be doing with your day. For most people, sorting through emails, reading, and replying shouldn’t be their constant task – that’s what happens when email overload kicks in.  

Email overload is a phenomenon where a worker cannot reasonably keep up with the number of emails they receive. It has only grown worse in the wake of remote work, when previously in-person interactions are often now relayed over email, or other platforms like Slack or Microsoft Teams.  

What are the symptoms? 

Unsure if this is you? Here are some symptoms to watch out for: 

  • You feel like you’re always behind on your email, unable to catch up. 
  • Checking your email stresses you out, because you know you have a lot of messages to answer. 
  • You’re getting follow up emails on messages you haven’t replied to yet.  
  • The urge to check your inbox distracts you from getting other tasks done or follows you outside of work hours.  

This leads to stress, decreased productivity and increased distraction, and can also increase the chances of errors and burnout.

Where is the escape route? 

Unfortunately, we can’t change the structure of today’s workplace communications. Unless you’re looking to completely change your job, you’re going to have to deal with the flow of emails and notifications in one way or another.  

Luckily, there are strategies you can take to lighten the load, and organize your communications more effectively: 

  • Task batch your email activity – group similar tasks together, such as replying to emails or following up on communications and complete them in a designated time each day. This will help alleviate the pressure to keep checking your inbox and taking immediate action.   
  • Unsubscribe where possible – you’re more than likely receiving all kinds of newsletters, promotional emails, and social media notifications that are causing clutter. You should be able to unsubscribe from those which you no longer find useful.  
  • Set up filters and rules – filters automatically sort your messages into specific folders based on certain criteria, and can even automatically delete certain messages before you ever have to see them.  
  • Re-examine company protocols – one of the causes behind email overload is a lack of clear and effective protocols. Is there a better way to handle communication? Are you receiving emails someone else should be handling? Sometimes the overload can be solved by internal decision-making. 

There’s an app for that. 

If you’re interested in any of these strategies, there’s most likely an app out there to help you. Modern technology is both the problem and the solution!  

For task batching, calendar apps like Google Calendars can be a great help. There are several apps dedicated to email organization, including unenrollment tools and other forms of productivity aids.  

In conclusion… 

Email overload is an all-too-common reality of the digital age. Fortunately, there are strategies to lessen the burden, freeing up your inbox and your time.  

 

 

Cal Wilson / August 2, 2022

How does inflation hurt businesses?

In May of 2022, professional networking site Alignable released survey results that found 51% of small business owners were concerned that rising inflation rates may cause them to close their doors in the next six months.  

That’s a grim statistic, but one that illustrates just how much inflation rates can hurt a business. In this article, we take a deep dive into this topic, and explore just how bad inflation is for business.  

What is inflation?  

Inflation, simply put, is when the cost of goods and services rises over time. Business Insider explains it best when they write, “inflation causes your buying power to erode, meaning that the same dollar today buys less in the future.” 

Inflation has several main causes, some of which are more concerning than others: 

  • Demand-pull inflation – this is when the demand for a good or service outweighs the supply, causing the prices to rise. 
  • Cost-push inflation – this occurs when the cost of materials and labor rises, and those costs are pushed onto the consumer by raising the prices of the good or service.  
  • Increased money supply – if an economy’s money supply increases faster than the rate of production, this could result in inflation, because there will be too many dollars chasing too few products. 
  • Devaluation – this is downward adjustment in a country’s exchange rate, resulting in lower values for a country’s currency and higher prices on importing goods from other countries.  
  • Rising wages – simply, when wages face a legislated increased, many businesses will have to increase their prices to accommodate.  
  • Government policy/regulation – policies and regulation can result in a cost-push or demand-pull inflation, such as tax subsidies, building regulations, rent regulations, etc.  

Inflation is normal. 

For the most part, inflation is to be expected. It’s the reason an ice cream cone doesn’t cost what it did in 1950. In fact, you can typically expect an inflation rate of about 2% a year. It’s something you can plan and account for, under normal circumstances.  

Right now, inflation is not normal.  

In 2022, inflation rates are reaching heights we haven’t seen in forty years. While economists have several theories on why this is, most agree that this is fallout from the impact of COVID-19 on the global economy. Here’s how: 

  • Shutdowns at factories, ports, and other crucial checkpoints in the supply chain created huge shortages in a variety of industries. 
  • Waves on online shopping, and decreased expenses in areas like commuting for the consumer, resulted in higher demand for products.  
  • Turmoil in the labor market – such as the ‘Great Resignation’ – led to a labor market and a significant number of empty jobs.  

Right now, inflation also feels very dramatic, because at the beginning of 2020, prices dropped in many areas, such as gas, that have this year seen all-time highs.  

What does this mean for businesses? 

As previously mentioned, businesses – especially small businesses – are incredibly concerned about rising inflation rates. In the same survey from Alignable, 60% of small business owners said inflation has been worse for them than COVID.  

Some of the reasons they cited included: 

  • Reduced revenue 
  • Increased operational costs 
  • Increased rent  
  • Inability to raise prices to meaningfully cover inflated costs 

It’s true that inflation puts businesses in a difficult position, balancing the increased cost of operating with the reduced purchasing power of their customer base.  

Wages become complicated during periods of high inflation.  

Businesses may contend with the difficult decision to raise wages during periods of high inflation. If labor wages can’t keep up with inflating rates of retail prices, your workers may not be able to afford the cost of living. Especially if your employees are living paycheck to paycheck.  

Workers may demand a wage increase or choose to leave. In either case, businesses are seeing lowered profits. Especially with today’s labor shortages, this is an incredibly difficult decision for many business owners to make.  

Not all businesses hurt equally.  

Not all industries are going to see the same damage from inflation as others. In particular, restaurants, hotels, salons, tourism businesses, and other industries that consumers may consider luxuries or unessential will be hit hardest, as they find themselves with less disposable income.  

In May, NPR published an article looking at the fate of restaurants that had survived COVID, only to find themselves in danger because of inflation. In particular, one Boston pizza shop  found that while “sales over the last two years rebounded to about 75% of what they were pre-pandemic… they’ve now slumped back down to about half” due to customers cutting their spending habits.  

What can businesses do to combat inflation? 

If your business or organization is among those concerned about closing due to rising costs, there are some measures you can take.  

The best thing you can do to combat rising costs, is reduce expenses wherever possible. Instead of layoffs or further price increases that might drive away customers, reducing operational expenses wherever possible – by strategies like eliminating paper waste, auditing your invoices for billing errors, or ensuring you’re paying the correct merchant services rates – will free up capital you need to weather the inflation storm.  

Deloitte also advises businesses to proactively address the causes of inflation, such as supply chain disruptions by focusing “on building a diversified supply chain with enough slack to ride out uncertainty.” 

In conclusion… 

While inflation is normal, we are currently experiencing historical highs. This presents many challenges to businesses, but there are strategies that can be taken to combat it.  

Related articles: