Pepsi made headlines in 2008 when it decided to spend over $1 million redesigning its logo. This was a fresh reminder to businesses all over the world just how important a good logo really is.
Strangely, many online businesses don’t seem to have gotten the memo. Many digital marketers don’t have any logo at all. Others hacked something together that doesn’t communicate the core essence of their brand.
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Your logo plays a very important role in your brand positioning. It is also one of the most visible parts of your website and other web properties. UX experiments show that 36% of website visitors will click the company logo to visit the homepage, because is the most prominent part of the site.
Why is a logo important for your online business?
Here are some things that you need to understand about logos and digital marketing.
Every online business needs a logo
Yes, every single business needs a logo. Too many online businesses think they are the exception.
Bloggers and affiliate marketers are particularly likely to think that they don’t need a logo. Since they aren’t actively selling their own products and services, they believe that they can get by without it. This is a big mistake.
When you have any type of online business model, your reputation is going to make or break your success. You may not be selling your own products as an affiliate marketer, but you still need to earn the trust of your website visitors before you can convert them by promoting another brand’s. Having a professional logo helps establish trust by showing that you are a serious entrepreneur that intends to stick around for the long term.
When hiring an outside logo design agency, it’s important to make sure you know what type of logo and design work you want to have done. Not only should you have a concept and idea in mind, you should also be aware of the services out there, and the associated costs with each. DesignBro.com recommends the following, and actually provides all of these services and design requirements within each logo job they take on:
- Up to 10 suggested designs from professional logo designers. Only see the best designs – forget about clutter.
- A closed competition: Designers cannot see the other designs. This stimulates more unique & creative content while avoiding simple variations and blatant copies.
- Own your design with full legal copyright.
- Receive files in relevant formats; suitable for online & print purposes (.ai, pdf, jpg, and png)
No matter if your business or brand is completely online or offline, you should have your logo and design files available in all formats and sizes. You never know when you might want to print out business brochures, business cards, or place your new logo design on your site or within social media.
A strong logo helps create a more seamless marketing funnel
Have you ever clicked an online ad on Facebook, Google or another site, only to be disappointed with the landing page that you saw? The problem is often that the advertiser didn’t provide a consistent funnel. The initial ad needs to set the expectations for visitors before they see your landing page. If you are getting users to subscribe to an email list, your ad and landing page need to make sure that your subscribers know what to expect when they start receiving emails from you.
A perfect example of this can be seen in the ad placements above. While the logos aren’t actually shown on Google, they will be displayed on the landing pages after the ads are clicked. Having a well-known and recognized brand identity only further improves the chances of higher conversions and gaining the trust of your audience. You can see more examples of how this can be done across multiple platforms and social media, in this article.
Keeping your message is consistent is essential. However, explicit, written statements aren’t the only part of the message that you need to pay attention to. Other visual cues can subconsciously convey messages that you may not even be aware of. It is important to make sure that these visual elements are as consistent as possible between every stage of your funnel. Using your logo in your ads, landing pages and email newsletters helps establish that consistency.
A good logo will convey the emotions that you want your brand to resonate
Every brand is unique. Every brand wants to build a different type of emotional connection with its customers. Creating a logo that matches the emotions you want your customers to feel is important part of the process.
Don’t settle on a logo just because it looks nice or would work well for another brand. It must match the connection you want your customers to have with your company.
Developing the perfect logo for your digital brand
As a digital marketer, you can’t afford to use a poor logo for your website, social media profiles or marketing creatives. Offline businesses can often make up for having a poor logo with their charismatic personality, community involvement and recommendations from trusted colleagues. That is a luxury that online marketers simply do not have.
Unfortunately, many potential customers are not going to give you a second chance if you don’t make a good first impression. Many website visitors will click the back button and never return.
This means that you need to use a great logo from the very beginning. Here are some things to keep in mind.
1 – Know who your customers actually are
Digital marketers don’t have the same face-to-face connection with their customers that local businesses do. This means that they don’t know as much about them. They may even make erroneous assumptions about their demographics.
Don’t make uninformed assumptions about your target demographic. Do your research and make sure your logo conforms to their standards.
2 – Don’t use low quality logo design services
I can’t stress this enough – you do not want to hire a low-quality expert to come up with a logo for you. They will usually hack something together that doesn’t look very professional. They may even plagiarize another brand’s logo, which is going to be even worse.
If you don’t have a large budget, you may want to look into using a free browser-based logo creator, which in many cases are free to play around and will give you a good idea on how you might want to map out your professional logo design. You will need to be a little more involved in the design process, but it will definitely be worth it in the long run.
3 – Consider using a focus group to look at your final logo design
You may fall in love with your new logo. That doesn’t mean that your customers are going to like it though.
It is a good idea to have people that match your target demographic take a look at it. You may even want to organize a focus group for them to give their input.
4 – Don’t make your logo too fancy
A lot of marketers try making the fanciest logo they possibly can. They cram as many contours and colors into it as they can. Their goal is to impress their customers, which is usually counterproductive.
Instead, you should try to make your logo as simple as possible. Your goal is to make sure customers remember it easily and understand your core message. Having a slick logo with few design elements is usually the best way to do this.
Your online business begins with your logo
Take a look at each of the logo designs above. What do they have in common?
Besides being well-known and recognized by almost everyone… they also don’t have any words or names on their logos. This is something every brand in the world wishes they could accomplish!
While your brand on business might never reach this level, your logo is the centerpiece of your brand. It quickly communicates the central message behind your entire company. Dedicate the time and resources to develop a logo that aligns with your branding goals. It will be one of the best investments that you ever make.
When looking to create a logo design or identity for your brand, be sure to consider all of the points we mentioned in this article.
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What Every SMBs Need to Know About Debt and Growing their Business
Starting a business in the world might seem easy, thanks to the power of the internet, automation, and lowered costs — but that isn’t to say it’s easy to find success and profitability with that same business. With more businesses starting daily, this leads to a larger increase in competition, and a great number of SMBs who aren’t potentially ready for the fierce competition, compiling costs, and debt that might be right around the corner.
While most aspiring small business owners would love to launch a passion venture and not worry about how to pay for it, this is not the reality. According to the Small Business Administration, there are 27.9 million small businesses in the United States compared to 18,500 firms with over 500 employees. Those small businesses took out a combined $600 billion in business loans in 2015, and another $593 million from alternative means like finance companies and peer-to-peer lending platforms.
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At the same time, it’s also important to take a look at the number of startups and closures, and survival rates for businesses in the world today.
But despite the various loan options that exist, securing enough of the right debt is challenging. Yet, as the old adage says, ‘you need to spend money to make money,’ and without borrowing, it’s difficult for any business to grow their operation.
To ensure your business borrows for long-term success without jeopardizing long-term cash flow, here are six things to know about debt.
Good Debt vs. Bad Debt
Generally speaking, good debt refers to debt that can yield long-term income or growth in value whereas bad debt will not. For consumers, good debt might be a mortgage where bad debt would be a revolving credit card balance. In the business landscape, it’s a little more nuanced and dependent on the specific company. You can learn more about the differences between these two here.
An example of good debt might be a company taking on debt to invest in certain employee programs, as the implementation of the program could lead to improved morale and better retention. It could also be debt used to do research and development for a new product since a new product line would generate more future income. A bad-debt scenario could be the result of a business taking out a loan for a larger business space that they don’t end up filling or using adequately. Or a double whammy: paying for nice office space in a prime location when clients never see the office.
These situations can go on and on, and really hinge on the execution that does or does not take place after a loan is taken.
Healthy Debt-to-Income Ratios
Every business—even two competitors—have differences that affect what a healthy debt-to-income (DIY) ratio should be. Businesses might need different levels of debt depending on a multitude of factors.
So, while not a hard-and-fast guideline, generally speaking, businesses with DTIs under 1 have more stable debt levels while a ratio above 1 indicates that a company is more reliant on their debt. Calculate your business’ DTI at any time by taking your monthly recurring debt payments and dividing it by your monthly gross income.
You Have More Leeway with Creditors Than You Think
Many business owners and individual debtors never try to improve on their existing terms or ask their creditors for any kind of compromise, even if it means falling behind on loan payments. But at the end of the day, banks want to see you succeed, if for no other reason than it means they’re getting their money back. If you’re proactive about needing aspects of your loan modified before you encounter difficulty paying it, you’ll stand a much better chance of striking an agreement.
It’s important to remember that creditor negotiations are a case-by-case basis. Whether you’re trying to lower your interest rate, get a one-time payment grace period, or extend the repayment cycle, communicate how changing the loan will impact your business positively.
You Can Consolidate Your Debts
Even if you’re keeping pace with your loans, juggling too many of them can be taxing, not to mention increase the chances you miss a payment date or don’t have the cash flow you need at a certain time of month. Debt consolidation loans condense your monthly payments, due dates, and potentially, can net you a lower overall interest rate.
To learn more about this, also see my article on line of credit vs taking out loans.
Small business owners can attempt debt consolidation by taking out a private loan (though, a high credit score will be needed for favorable interest rates), opening a balance transfer card with interest-friendly (possibly free) introductory period, or seeking assistance through companies like Andrew Housser’s Consolidation Plus, part of the Freedom Financial Network.
Layoffs Are Always a Consequence
Small businesses are like tight-knit families. Limited bandwidth and resources mean that employees develop a sense of pride and camaraderie in working together (at least, when a business does well). And unlike a large company where turnover is rampant, employees tend to work for small businesses much longer.
Of the 5.6 million employer firms in the United States in 2016, organizations with fewer than 100 workers accounted for over 98 percent of the workforce. When small businesses take on debt to scale the operation, they need to understand that they’ll need to cut costs if the investment doesn’t pay off. Layoffs are a realistic consequence. And when a SMB starts laying people off, company morale will take a dive and could lead to lost productivity and even further turnover.
According to data from the Census Bureau’s Annual Survey of Entrepreneurs, there were 5.6 million employer firms in the United States in 2016.
- Firms with fewer than 500 workers accounted for 99.7 percent of those businesses.
- Firms with fewer than 100 workers accounted for 98.2 percent.
- Firms with fewer than 20 workers made up 89.0 percent.
This also isn’t just limited to small and medium sized businesses. Statista just recently had a report on big name companies like Tesla, eBay, Paypal, and more — all of which are leaving their employees hanging on whether or not they might have a long term relationship with the company.
Chapter 11 Bankruptcy Is a Last Resort
The thought of your hopes and dreams culminating in a bankruptcy court proceeding is certainly disheartening. However, chapter 11 becomes a viable strategy for business owners whose personal possessions are entwined in their business as it aims to restructure business debts to make repayments more manageable going forward without it sinking their business.
Just because taking debt is a necessary evil the majority of small businesses must face doesn’t mean it should be done so lightly. Leave no stone unturned in your search for a small business loan and consider these things above as you do so.
The Best Ways to Approach Debt Loss and Management for Your Company
No matter what position you might find your business in today, it’s important to realize that the first step in cleaning up an potential messes, is to ask for help.
This can be from people within your company, outside advisors, and of course — financial and legal institutions.
To learn more about managing company funds and debt, be sure to check out my other resource guide on paying off company debt.
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5 Effective Methods to Goal Setting for Business Growth and Success
Have you made resolutions to get your business to the next level?
Are your goals SMART enough?
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Are they inspiring your employees to take action?
Goals are the observable results of achievement. Goal setting is the process of deciding what you want to achieve, identifying the required resources, and developing an action plan.
If you have yet to set your business goals, consider the benefits of goal setting below.
Five Top Benefits of Goal Setting
As an entrepreneur or business owner, you shouldn’t ignore the importance of goals setting to your business. Goals are important in providing direction and focus to grow of your business.
This is especially true for anyone who might be working from home or stuck in a cubicle all day. When you are working on your own and not told exactly what to do, you need to be setting your own goals and the determination to get things done.
Whether it’s writing down such goals on a piece of paper and then checking them off, or using a mobile or online application, it’s all about getting your actions into motion to simply get more done.
Other benefits and methods to accomplishing this include:
1. Inspire and Sustain Progress
The importance of goals setting lies in the ability of goals to inspire and sustain focus. When your business sets SMART goals, your employees know what to do and they can gauge their performance.
As they achieve the smaller steps, they grow in confidence to work towards achieving bigger results. This results in the constant growth of your business. Your employees will grow in their skills and get motivated to keep improving as they see results.
2. Using Video to Increase Productivity
With so many different productivity tools and applications on the market today, it’s important to know where your strengths lie when trying to increase productivity or motivating others.
Through the use of an online creation tool like mysimpleshow, the ability is there to create interactive and engaging whiteboard animation videos to better portray your message.
You can see a clear example of this in the video example below.
At the same time, there are many personal benefits for creating your own whiteboard video to accomplish more and hit your goals.
As mentioned on the simpleshow website, creating such animation and explainer videos aren’t just for marketing and teaching others, they are also great for inspiration, mind-mapping, and hitting your own goals as well. In addition to goal setting, they’ve also seen massive engagement improvement with school students and professionals when delivering information in an audio and visual platform.
Their site went on to say, “Our illustration-style simpleshow explainer videos are most effective if you”:
- need to tackle complex tasks
- want to explain difficult topics in a simple and digestible way
- have to explain almost inexplicable information
Before taking on your next big project, be sure to consider your options with laying everything out in video form, and them working your way through it and sharing it with team members along the way.
3. Increase Productivity and Profitability
When setting goals for your business, you’re aiming at getting more work done and increasing your earnings. Setting goals defines what exactly you want to achieve, and how you’ll get there.
The process also includes identifying the needed resources, skills, and competencies. With this knowledge, you can train your employees or hire skills, which keep your business on track for consistent growth.
Setting goals also improves the decision-making abilities of the organization. The information you collect during the goal-setting process helps you identify where the business is at and chart out a path for the future. Informed decisions will eventually result in business growth.
4. Measure Progress
Your business can’t ignore the importance of goals in measuring progress. Good goals are measurable both in the time it takes to achieve them and the results achieved.
Monitoring is a crucial part of goals setting through which your business measures how far it is at achieving its goals.
Here, the business identifies areas for improvement as well as weaknesses. This way, your business can adjust accordingly to fit into the changing economic times, and you can set bigger goals if you have achieved the previous ones.
This same task can also be accomplished by using the Seinfeld Strategy as well.
To measure progress in your achievement of goals, you need to build a monitoring system such as recording the progress of a task.
5. Collaboration Among Employees
Your employees will work together more when they have a common goal. They can share resources, expertise, and insights. Eventually, your business grows from the harmonious working of the employees.
Goal setting should be a regular practice for your business. You can learn more about how goal setting can improve your business’ performance on this blog.
Six tips that were laid out in this article for improving productivity and collaboration with other employees are:
- Stretch your outlook.
- Know the key steps of the goal-setting process.
- Create a nimble goal development team.
- Gain buy-in.
- Communicate, communicate, then communicate some more.
- Remember to celebrate achievements.
Grow Your Business In 2019
Goal setting builds the foundation of your business, which employees refer to for inspiration and direction. The above benefits of goal setting should provide you with enough reasons to set goals for your business.
However, the most important task in this whole process is making sure you have a goal in place and are taking action to achieve it.
As always, feel free to contact me with any questions or comments you might have. I’d love to hear from you and see how we can start working together.
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Top Business Expenses (and Deductions) Entrepreneurs Need to Know
The internet has made us all potential entrepreneurs.
And the dream and reality of owning a business is one of the most liberating feelings that you can have. After all, there’s a reason why 27 million people are entrepreneurs.
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While there are many benefits to owning your own company, there’s also plenty of crucial information you need to keep in mind. This is especially true when it comes to finances.
Every business is different, and so are the many ways they can save money, write off expenses, and funnel money into different companies or investments. The best way to approach any of these topics of concepts, is to first consult with a financial advisor or attorney. However, there are many resources out there to learn from before you next legal and accounting meeting.
Not sure where to start? Don’t worry, we got you covered.
Let’s take a look at everything you need to know about common types of business expenses (and deductions). Be sure to read through the list below, take a few notes, and also have some questions in mind for the next time you meet with your financial and legal consultant.
Whether your company has one employee or a whole team at your disposal, your business is going to have ongoing expenses. Here are some you need to keep an eye on that many people forget to consider.
Just like when living in a home, it’s impossible to avoid utility expenses when running your business. While all of us are accustomed to paying our utility bills, business owners sometimes focus too much on tangible costs (equipment, rent, etc.).
Gas, electric, and sewage expenses are all staples when it comes to budgeting for business utilities. Additionally, you’ll need to consider your Internet service expenses, including Internet service and server hosting (if necessary).
You could have a product or service that shakes the foundation of your industry. But, it won’t mean much if nobody knows about your business. Whether it’s through Facebook ads or an extensive multimedia campaign, you’re going to have to allocate money for marketing as an entrepreneur.
Even if you’re a smaller, local business that doesn’t have the need for large-scale advertising, you still may need to employ the services of an SEO specialist to help get your name on the front page of Google.
If you forego including this in your budget, most of your other work will go unrewarded.
As previously mentioned, entrepreneurs often focus on tangible expenses when conducting their financial planning. But, these often include larger purchases, such as furniture, computers, and company vehicles.
Office supplies, however, are a necessity that can quickly add up to hundreds (or even thousands) of dollars.
Common items that can add to the cost include:
- Filing cabinets
- Office chairs
- Printers/printer ink
- USB thumb drives
Necessary office products can include intangible goods, as well, such as software or monthly fees for necessary applications.
To avoid going bankrupt in the event of a catastrophe, it’s imperative as an entrepreneur to have the proper insurance coverage.
In general, liability insurance and property insurance are vital policies to budget for. For example, liability insurance will help protect you financially if someone (an employee or non-employee) experiences bodily harm on your property.
If a fire/natural disaster were to occur or if someone steals property from your business, your insurance coverage will help you cover the costs.
Luckily, with expenses come deductions. While they vary depending on the type of company that you run, there are many most entrepreneurs can take advantage of.
For anyone running a business online, purchasing a domain name and web hosting are two examples of common deductions.
When many people think of the term “legal fees”, they often picture the inside of the courtroom. They may even imagine a consultation with a lawyer.
But, legal fees can stem from many more scenarios, including accounting, bookkeeping, and consultations.
Fortunately, however, you’re able to deduct these expenses as a business owner.
But, the cost must be reasonable for the supplied service. For example, you can’t overpay a friend for their legal services and then expect to write off the entire expense.
If you happen to run your business from home, you’ll be able to secure a significant tax deduction. This is calculated by determining what percentage of the property in square footage is used for business.
There is a catch, however: this space must be used exclusively for business.
In other words, if you have a desk in your bedroom that you use for your company, you won’t be able to claim this space as your home office.
Furthermore, there needs to be a legitimate reason to have this designated space other than as an area for productivity. Thus, if you’re not meeting with clients or conducting administrative tasks, you may not be able to get the deduction you want.
For business-related trips that require an overnight stay, you’ll be able to deduct various expenses when filing your taxes.
These can include:
- Auto expenses
- Luggage and shipping
This is especially useful when traveling over long distances or for an extended period of time. When it comes to international travel, though, there are different rules to keep in mind.
Entertainment + Meals
This is perhaps one of the most popular deductions that entrepreneurs file for. But, this doesn’t mean that every meal or outing can result in a tax deduction.
The expenses must be necessary and business-related, and there must be a chance of an actual payoff. In other words, going to a casual lunch with friends is not a deductible expense.
Going to a bar for food and drinks with a client, however, often is. You can also deduct meals/entertainment that you provide for clients or employees on your own property.
Understanding Types of Business Expenses Can Seem Difficult
But it doesn’t have to be.
With the above information about the different types of business expenses in mind, you’ll be well on your way to making sure that you can scale your business as fast as possible.
Want to learn more about how to run your business efficiently? Make sure to check out this article.
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