Every company is different, and so every business owner needs to decide which finance options they want to use for daily expenses and longer term investments. Here, we weigh up the pros and cons of using business credit cards.
Many small business owners decide to use credit cards to cover costs, buy stock and seize opportunities. It’s easy to see why – they’re relatively straightforward to apply for and offer a flexible way to access credit quickly. But that’s not to say they’re the best funding option in all scenarios. This article details the ins and outs of using business credit cards, so you can figure out whether they’re right for you.
Generally speaking, there are five reasons to use a business credit card. These include: ensuring your business operations are kept separate from your personal spending, building up a credit profile for your business, managing short-term expenses, keeping on top of cash flow and picking up any rewards offered by the card provider.
What is a business credit card anyway?
In basic terms, a business credit card is similar to a normal consumer credit card – just designed for business use, rather than personal. Once secured, business owners and specific employees are able to use the card, or cards, to pay for things on credit – everything from small one-off costs, to recurring subscriptions and larger invoices.
Any accrued credit will need to be paid back, usually scheduled on a monthly basis, along with any interest that’s built up. Each card is different but most offer a period of free credit – this is often around 56 days. As you can imagine, to get the best out of a business credit card, many business owners use them for short-term expenses that they know they’ll be able to repay in a few weeks.
Can I use a personal credit card to fund my business?
Credit profiles take time to build up, so many new business owners can find that their company has a ‘thin’ file. This means they might not have enough of a credit profile to get a business credit card. In this case, owners sometimes use personal credit cards to fund their businesses.
However, by doing this the owner makes themselves personally liable for the debt incurred. In short, using a personal credit card for business finance means taking on a certain amount of risk. It is possible to use a personal credit card to fund a business, but many choose to upgrade to a business credit card as soon as they can.
What kinds of business use credit cards?
The use of business credit cards is highly common. Companies across all industries and sizes use them for their flexibility, to benefit from rewards and – in some cases – collect air miles. Almost all business credit cards come with the business owner’s or an employee’s name printed on, however, it’s the responsibility of the business to pay monthly bills.
Should you use a business credit card to fund you business?
As we mentioned up top, every business decision-maker should assess their situation according to their unique position. It’s certainly possible to use a business credit card to cover general expenditure and costs. That said, they tend to have five main disadvantages.
One of the key drawbacks is that business credit card suppliers typically don’t offer the scale of finance available through other types of borrowing, such as a business loan. Simply put, loans can give business access to larger sums of finance.
Something else to watch out for is that a number of card providers charge you a fee to withdraw money from a cash machine. That might not be a problem for many, but it’s worth bearing in mind if spending cash is a key component of your operation. Similarly, you may find that the fees you’re charged for foreign transactions are larger than with other options, such as a prepaid debit card with an overseas-focus.
Many business credit cards also come with a recurring annual fee. These are fairly small, but certainly worth checking out before you apply. Finally, unlike personal credit cards, business cards are not protected by the Consumer Trade Act, so the card provider is not obligated by law to protect you in the event of faulty goods or erroneous transactions.
What are the alternatives to a business credit card?
If you’re thinking about applying for a business credit card, you could consider the other finance options available for your business. First off, you could explore charge cards, which work a bit like credit cards. The main difference is that you’ll need to pay off the full amount of money each month, as charge cards don’t extend credit. Credit cards allow you to pay what you owe over time, though will likely charge interest left unpaid.
Beyond that, it could be worth looking into business loans or credit facilities. These enable enterprises to access more substantial amounts of money. Credit cards with high limits are hard to come by, so when requiring significant funds many businesses turn to these types of borrowing.
In summary
As you can see, there’s plenty to consider when thinking about business credit cards or the alternatives. So think about you business situation and try to plan out what kinds of funding will suit your unique situation best. After all, you’re the boss.
https://www.strategydriven.com/wp-content/uploads/money-256319_1280-2.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-10-09 13:00:482019-10-09 12:52:31Using a credit card to finance your business
Agile methodology has taken the IT industry by the storm, and now it’s spreading to other sectors.
Many companies have managed to gain an edge tapping into its transformative power. The benefits linked to adoption are indeed many, but there’s just one problem.
Scaling Agile in enterprise-level environments is a daunting task.
There are a bunch of moving parts you need to tie in together. The systems are sophisticated and project environments bigger and more distributed than ever before.
What is more, different teams need to work hand in hand toward shared goals. Even a small misstep can lead to immense problems.
The good news is pioneers and early practitioners have been where you are now. They’ve paved the way and left many proven practices and principles of Agile in their wake.
Here is how to use smart planning to make strides toward greater agility and market success.
Choose Your Scaling Path
As soon as Agile transcends a one-team environment, complex challenges arise.
Conventional Scrum wisdom no longer serves as a reliable guide.
What you need is a structural roadmap for scaling, such as Scaled Agile Framework (SAFe). Each pre-made methodology has its pros and cons when tackling multi-team programs and portfolios. Some, for example, are more prescriptive than others.
Therefore, it would be wise to explore multiple avenues. At the very least, consider Kanban, Large-Scale Scrum (LeSS), SAFe, and Disciplined Agile Delivery. The common thread among them is their lightweight build.
Making this initial choice isn’t an absolute must, but it does tend to make things easier. It narrows down options and streamlines scaling. Go for your own custom-made framework only if you know exactly what you’re doing.
Adopt an Agile Mindset
The next phase of transformation revolves around nurturing the right mindset.
First off, get familiar with basic Agile principles. You have to be quick on your feet and display problem-solving aptitude. The main objective is to respond to change quickly and grow based on the acquired insights.
After all, change is the only constant thing in Agile project management and development. Failure is its inevitable byproduct and you need to learn to embrace it. Make sure top management understands this.
What is more, try to make your business strategies and plans less rigid. This is a way to accommodate changes and make them work to your advantage. After all, your needs and goal are bound to shift down the road, so why not plan ahead of time?
You certainly cannot let unexpected and unforeseen events derail your projects. To avoid this scenario, don’t cut corners or deploy half-measures. Put a well-functioning system in place, which is geared toward learning and evolution.
You can rely on these tips to get the ball rolling and move forward with confidence.
By the Power of the Team
Think of Agile as gradual transformation instead of some big revolutionary moment.
There’s no need to go for a big shake-up that could shatter your organization. You’re better off proceeding step-by-step.
The heavy focus is on the processes of continuous delivery and frequent testing. To set them in motion, first hire the right staff. In other words, assemble teams of individuals ready to work in an Agile way.
To shape their mindset, harness the power of corporate culture.
Most notably, Agile doesn’t go well with rigid, top-down hierarchies. In fact, it entices you to dismantle them. This is just one major hurdle you need to remove from the picture.
So, open the channels of communication and decentralize decision-making. Ensure the utmost level of transparency to establish trust, stimulate ideation, and spur collaboration.
Everyone must be on the same page, practicing Agile on a daily basis.
Master the Art of Incremental Delivery
Agile discourages extensive planning in stages before the projects commence.
The scaling endeavor, however, does include this dimension. There’s really no other way to translate your vision into a functioning set of practices and processes. There are simply too many components that have to fall together seamlessly.
Therefore, come up with a solid plan to break down the big picture into smaller chunks. Set timeframes and milestones that eventually amount to the Minimum Viable Product (MVP).
Namely, you need to initiate a series of iterations (sprints). Each and every iteration is supposed to produce a potentially shippable product increment.
Moreover, align project activities with overarching strategic priorities and business goals. Don’t hesitate to go into detail, but account for the need to adapt. You can take advantage of the rolling wave approach to complete this stage.
Gravitate Around a Consumer-Centric Axis
Ultimately, your success hinges on the ability to deliver real value to customers.
You cannot hope to achieve this without a suitable Product Backlog. The tricky thing is simply having one doesn’t cut it.
You have to engage in its ongoing refinement. This essential task entails prioritization of items according to preset criteria. Ditch vanity metrics and leverage indicators that forward your mission and goals.
While at it, set milestones according to evaluations of the working systems and solutions. It also helps to make backlog decisions a few months in advance. Never let them be a last-minute afterthought.
At the end of the day, you have to experiment to figure out what works and what doesn’t. And only after a series of team-level tests can you start scaling Agile to the whole organization. That’s the way to improve your time-to-market without compromising on product quality.
Adhere to the Core Principles of Agile
Scaling isn’t as simple as expanding what one team is doing to the whole organization.
Your best bet is to rely on fundamental principles of Agile scaling. Start by embracing the Agile mentality and getting buy-in from all employees and stakeholders.
Next off, carefully ponder which scaled method to employ. Rethink your current ways and take into account all your strengths and weaknesses. Do some tailoring and customization to make the most of the Agile framework of choice.
See to it that vital Agile processes coexist with the planning of your business needs and aspirations. Account for continuous change in your strategies. Make sure the practices are uniform across the board.
All your efforts will be a drop in the bucket compared to all the benefits of implementation. You should be able to demolish all the hurdles on the road to market domination.
Feel free to check out our insights section for more actionable tips and advice. More power to you!
https://www.strategydriven.com/wp-content/uploads/The-Principles-of-Agile-Planning.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-10-07 16:00:592019-10-07 15:33:24The Principles of Agile Planning
In the course of my years partnering with web developer and SEO specialist Sagapixel, I’ve learned a lot about how to market my firm. I am a busy Philadelphia appeals attorney and had to learn the hard way that running and marketing a law practice has nothing to do with the practice of law. They don’t teach you this in law school!
Hopefully this synopsis of what I’ve learned will help anyone starting their own law practice, or anyone who has trouble marketing their law firm and needs more clients. The Four P’s work!
What Are the “Four P’s” of Marketing?
First, I learned about the 4 P’s of Marketing—Product, Price, Place, and Promotion. This is a fundamental marketing model that worked 80 years ago and will work 80 years from now, regardless of what new technology arises that changes the way we shop for and purchase goods or services.
If you keep the four P’s in mind, you will have a clear, defined marketing strategy that supports your client acquisition goals.
The First P of Marketing a Law Firm – “the Product”
A lot goes into choosing an area of practice to focus on. Often, an attorney will get a job out of law school, become highly skilled in one area of law, then go out on her own to open a solo practice without looking first to see if the local market is saturated.
Not ideal.
Before you commit to paying for advertising services in a market that you may or may not be able to compete in, consider the following:
1. Is there a big player that already dominates the market?
If there is, be prepared to languish as a very small player for a very long time.
For example, in the Philadelphia area market there is a law firm that does TV ads, places billboards all over the region, and spends a few million dollars on Adwords a year. Yes – a few MILLION dollars.
This firm has made a name for itself as “THE workers’ compensation firm” and it is now incredibly difficult (and expensive) to get workers’ comp clients through advertising. Keywords related to workers’ comp are about 50%-100% more expensive to bid on than keywords from other areas of practice.
The upshot is, it will be difficult and expensive to penetrate a market with a dominant player.
2. Can You Create a Niche?
Frank at Sagapixel told me about a conversation he had with Eric Diaz, a prominent real estate attorney in Philadelphia. He was telling Frank about some of what he does for his clients. During the conversation, he mentioned something his firm must do for all clients that involves tedious paperwork that many attorneys do not like doing.
Frank told me how he interpreted this as an opportunity and suggested to Eric, why not offer this service to other firms? He could train a young associate to do that tedious paperwork, then own it.
I thought this was great. I was lucky in that early in my career I gained experience in a fairly narrow area of practice in government service, then was able to parlay that experience into my own appellate law firm.
By creating or taking over a niche, an attorney will have both a strong value proposition and differentiator that will allow him or her to stand out in a market. Think of it in your own case—would you prefer to hire an SEO agency that specializes in law firms or a firm that works with just anyone that walks in the door? Prospective clients feel the same.
The Second P of Marketing a Law Firm – “the Price”
I’m not going to get too much into pricing here though I will recommend that you take a hard look at your pricing model. The hourly model that many attorneys use could be inferior to a value-based model such as those promoted by consultant Alan Weiss. I have seen that using flat fees that are standard in the region works for many types of law practices.
The Third P of Marketing a Law Firm – “the Place”
This is another area into which I will not go into much detail because this is most often specific to an attorney’s area of practice.
If you have your own law firm, you’ve probably already decided about the “place” of your firm without realizing that that decision is a crucial part of your marketing plan.
Different areas of law have different “place” requirements. A medical malpractice attorney might choose a pricey office right across the street from a hospital. But an attorney whose practice is primarily electronic, like bankruptcy, might relocate to an area with lower costs of living and work remotely.
If you can work from home, do it – for any new firm keeping costs down is vital. Of course, consult your jurisdiction’s rules as some states do require a physical office.
The Fourth P – “Promotion”
Your Law Firm’s Website
The days of people searching the phone book yellow pages are over. People go online to search for goods and services, legal services included. Even if you have a big billboard that someone happens to notice, you know that someone finds you online and checks out your website.
I’ve seen that creating an effective website is as much art as it is science – please choose your web developer wisely. Your website developer will help you:
Develop your personal brand – what differentiates you from other attorneys practicing your area of law?
Generate relevant content that establishes your knowledge and experience in your practice area
Generate content that starts clients on their Buyer’s Journey to retaining you
Optimize that content to help convert leads into clients by creating a “call to action”
Get your website seen by people who need your service, through SEO
Create a positive user experience by organizing the site logically with fast loading pages and a prominent
Contact form
Optimize the site for mobile users
Google Ads – Adwords for Law Firms
But what are Google Adwords? I certainly had no idea until I started working with Frank at Sagapixel.
Google Adwords (now called Google Ads) are an “online advertising platform developed by Google, where advertisers pay to display brief advertisements, service offerings, product listings, video content, and generate mobile application installs within the Google ad network to web users”, according to Wikipedia.
How Do Google Ads Work? Advertisers bid on certain keywords in order for their clickable ads to appear in Google’s search results. Since advertisers have to pay for these clicks, this is how Google makes money from search. This is also called Pay Per Click, or PPC.
If this sounds like it takes too much time away from your law practice – you’re right. This is why you should consider hiring Google AdWords advertising agencies that handle law firm SEO and PPC to do it for you.
Google Reviews
It is important to touch base with clients after you’ve represented them to ask about their experience. If they respond that they had a positive experience, you should ask them for a review.
There is software that automates this process so that it is hands-off for you. Use it.
Tracking the Performance of Your Online Marketing Efforts
Google Analytics tracks viewer’s behavior and shows you which of your online marketing activities are working and which need some tweaking. Again, this is something your SEO firm handles for you.
As you can see, there are many moving parts to marketing a law firm online. When you establish your own firm, you are taking a big leap of faith that you are going to make it. Educating yourself, then choosing the right web design and SEO firm, will help you create the online marketing strategy that brings you the business you need not only to survive, but to thrive.
About the Author
Todd Mosser, Esq. is a Pennsylvania appeals attorney admitted to the bar in Pennsylvania, New Jersey, the Eastern District of Pennsylvania, the U.S. Courts of Appeal for the Third, Sixth, and Ninth Circuits, and the United States Supreme Court. Mr. Mosser attended Shippensburg University and the University of Pittsburgh School of Law, graduating with honors.
Mr. Mosser worked for eight years as an Assistant District Attorney in the Philadelphia District Attorney’s Office Appeals Unit prior to opening Moser Legal in July 2013. Since then his firm has litigated over 900 civil and criminal appeals. Mr. Mosser is a leading legal authority in his field, having been quoted in The Legal Intelligencer and having served as a television legal commentator.
https://www.strategydriven.com/wp-content/uploads/digital-marketing-1497211_1280-3.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-10-06 17:00:422019-11-30 17:46:33The “Four P’s” of Marketing a Law Firm Online
When your business is in dire need of a financial injection, you might be tempted to apply for the loan in haste. People do that all the time not realizing the golden rule that “haste makes the waste”. By the time reality shakes them, it is often too late. They can’t do anything but bear with the scary consequences.
Smart businessmen take their time before stepping into this extreme decision. Because they know it can make or break their years of hard work. You should also take a leaf out of their book and choose the loan by carefully evaluating the following angles:
Be Crystal Clear About Why You Need a Loan
That’s the first and the most critical step at the same time. It is very important to have clarity about why exactly you need the loan because the choice of your loan will be based on that. Understand, there are different types of business loans for everything.
For example, account receivable loans might not be an ideal choice to tackle issues other than cash flow. Similarly, if you want to buy office equipment, you will have to stick to the loans which are modeled according to this very need. For acquisitions, refinancing or obtaining working capital, a credit union small business loan is a good option.
The takeaway message being, you should nail down the precise reason and purpose of the loan otherwise you will lose your way in the cobweb of multiple choices of lenders.
Consider the Duration of Getting a Loan
Well, some loans take more time in approval than the others. At times, businesses foresee the need for a loan and apply beforehand to avoid any delays. However, sometimes we are met by emergencies or it is simply not convenient for us to wait for weeks and need the loan in a matter of a few days. In such cases, fast loans swing into actions.
It is pertinent to mention here that if you have a good record of previous loans, you can save a few bucks on fast loans. However, generally speaking, these loans come up with easy and flexible process but they are comparatively more expensive.
For example, factoring is one of the main types of fast cash. But there are multiple factors will affect your invoice factoring rate such as your industry, size of invoices, creditworthiness and so on.
Estimate the Amount Needed
It is equally essential to know how much money you actually need. Many people apply for the loan just to get as much money as possible. This approach is sure to backfire in the long run.
Even if your documents are in good shape and you can easily be qualified for the bigger finance, still you should not transgress the amount you need. Because businesses have their ups and downs so why take a risk that does not make any sense?
That being said, you should also not apply for an amount so small that you become cash-strapped in the middle of a project. Therefore, be watchful while calculating the costs of your assignment. To be on the safe side, consult an expert who can estimate the right amount for you.
Shop Around
Once you are done with the above steps, it is time to seek a lender. The majority of the borrowers tend to settle for the nearby lender. Just because it saves them time and energy. That’s a non-starter. The best way is to shop around and compare rates.
Better still if you ask for suggestions from your friends. Being affiliated with a trustworthy lender comes up with a cushion.
The Last Verdict
It is important to qualify for a loan but it is even more important to get a suitable loan – the loan of your liking. There is no use of getting a loan that does not seem fit for your end goal. A bad choice of financing is more likely to haunt you in the big scheme of things.
https://www.strategydriven.com/wp-content/uploads/dollars-426023_1280.jpg6791280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-10-06 16:00:092021-11-09 15:19:29How to choose a loan that is best for your business
Your business’ landing pages are the first point of contact for any new customers visiting your website, so it’s important that you’re making a solid first impression. If you’re struggling to find inspiration for your landing page and wondering what sort of information and tone to take on your website, then this article will provide you will all those answers – and crucially how each one can benefit your business or brand. Take a read below to find out more.
Client Testimonials
Client testimonials are a superb way of highlighting to new customers just exactly what you’re about and some other projects you’ve worked on in the past. Obviously, if you have any negative testimonials it’s a good idea to keep them away from the landing page, but positive reviews from reputable clients are a solid way to show off your skills and draw in new customers interested in using your services.
Contact Information
Obviously one of the most important pieces of information to place on your landing pages is your contact information. You may be wondering why we’ve even included this point because it seems like we’re stating the obvious, but you’d be surprised. Always ensure that the contact information you want your customers to approach you by is clear and easily located to ensure you’re getting the most business as possible. This is particularly important if you’re looking to highlight the fact that you’re using an 0800 number. In that respect, planet-numbers.co.uk can provide 0800 numbers for an extremely cost-effective price.
New products or services
Another obvious piece of information to include on your landing page is any information surrounding new products or services that you’re releasing. Highlighting your latest products and services is a great way of testing the waters and working out what sort of things your customers like. After all, there’s no point releasing something that you’re not going to promote. As well as new products you should always ensure you’re clear about the products and services you offer. Clarity really is the key to attracting new customers and ensuring they purchase from you rather than your competitors.
Latest News
Publishing regular updates surrounding the latest news in your industry is a great way to add fresh and relevant content to your landing page while simultaneously improving your SEO rankings. We’re not talking reams and reams of text; just little snippets of digestible material you can use to highlight things you find interesting that promote your content. Landing pages and blog content are perfect for promoting your business on social media, too.
Information about your brand
I think by now we’ve covered all the main points surrounding what to include on your company landing page. But once you’ve got the important things out the way, take the time to integrate them into your brand tone of voice in a way that appeals to your customer. Information is important, but the way you deliver that information is what’s going to transcribe your words into revenue.
https://www.strategydriven.com/wp-content/uploads/blur-close-up-contemporary-1029757-3.jpg7861200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-10-04 07:00:322019-10-04 05:15:015 Instantly Positive Highlights You Can Easily Publish On Your Landing Page
A VETERAN OWNED SMALL BUSINESS | Call or text now for a FREE consultation: +1 (770) 765-3692 | Website Login
Business Programs
Using a credit card to finance your business
/in Managing Your Finances/by StrategyDrivenMany small business owners decide to use credit cards to cover costs, buy stock and seize opportunities. It’s easy to see why – they’re relatively straightforward to apply for and offer a flexible way to access credit quickly. But that’s not to say they’re the best funding option in all scenarios. This article details the ins and outs of using business credit cards, so you can figure out whether they’re right for you.
Generally speaking, there are five reasons to use a business credit card. These include: ensuring your business operations are kept separate from your personal spending, building up a credit profile for your business, managing short-term expenses, keeping on top of cash flow and picking up any rewards offered by the card provider.
What is a business credit card anyway?
In basic terms, a business credit card is similar to a normal consumer credit card – just designed for business use, rather than personal. Once secured, business owners and specific employees are able to use the card, or cards, to pay for things on credit – everything from small one-off costs, to recurring subscriptions and larger invoices.
Any accrued credit will need to be paid back, usually scheduled on a monthly basis, along with any interest that’s built up. Each card is different but most offer a period of free credit – this is often around 56 days. As you can imagine, to get the best out of a business credit card, many business owners use them for short-term expenses that they know they’ll be able to repay in a few weeks.
Can I use a personal credit card to fund my business?
Credit profiles take time to build up, so many new business owners can find that their company has a ‘thin’ file. This means they might not have enough of a credit profile to get a business credit card. In this case, owners sometimes use personal credit cards to fund their businesses.
However, by doing this the owner makes themselves personally liable for the debt incurred. In short, using a personal credit card for business finance means taking on a certain amount of risk. It is possible to use a personal credit card to fund a business, but many choose to upgrade to a business credit card as soon as they can.
What kinds of business use credit cards?
The use of business credit cards is highly common. Companies across all industries and sizes use them for their flexibility, to benefit from rewards and – in some cases – collect air miles. Almost all business credit cards come with the business owner’s or an employee’s name printed on, however, it’s the responsibility of the business to pay monthly bills.
Should you use a business credit card to fund you business?
As we mentioned up top, every business decision-maker should assess their situation according to their unique position. It’s certainly possible to use a business credit card to cover general expenditure and costs. That said, they tend to have five main disadvantages.
One of the key drawbacks is that business credit card suppliers typically don’t offer the scale of finance available through other types of borrowing, such as a business loan. Simply put, loans can give business access to larger sums of finance.
Something else to watch out for is that a number of card providers charge you a fee to withdraw money from a cash machine. That might not be a problem for many, but it’s worth bearing in mind if spending cash is a key component of your operation. Similarly, you may find that the fees you’re charged for foreign transactions are larger than with other options, such as a prepaid debit card with an overseas-focus.
Many business credit cards also come with a recurring annual fee. These are fairly small, but certainly worth checking out before you apply. Finally, unlike personal credit cards, business cards are not protected by the Consumer Trade Act, so the card provider is not obligated by law to protect you in the event of faulty goods or erroneous transactions.
What are the alternatives to a business credit card?
If you’re thinking about applying for a business credit card, you could consider the other finance options available for your business. First off, you could explore charge cards, which work a bit like credit cards. The main difference is that you’ll need to pay off the full amount of money each month, as charge cards don’t extend credit. Credit cards allow you to pay what you owe over time, though will likely charge interest left unpaid.
Beyond that, it could be worth looking into business loans or credit facilities. These enable enterprises to access more substantial amounts of money. Credit cards with high limits are hard to come by, so when requiring significant funds many businesses turn to these types of borrowing.
In summary
As you can see, there’s plenty to consider when thinking about business credit cards or the alternatives. So think about you business situation and try to plan out what kinds of funding will suit your unique situation best. After all, you’re the boss.
The Principles of Agile Planning
/in Project Management/by StrategyDrivenAgile methodology has taken the IT industry by the storm, and now it’s spreading to other sectors.
Many companies have managed to gain an edge tapping into its transformative power. The benefits linked to adoption are indeed many, but there’s just one problem.
Scaling Agile in enterprise-level environments is a daunting task.
There are a bunch of moving parts you need to tie in together. The systems are sophisticated and project environments bigger and more distributed than ever before.
What is more, different teams need to work hand in hand toward shared goals. Even a small misstep can lead to immense problems.
The good news is pioneers and early practitioners have been where you are now. They’ve paved the way and left many proven practices and principles of Agile in their wake.
Here is how to use smart planning to make strides toward greater agility and market success.
Choose Your Scaling Path
As soon as Agile transcends a one-team environment, complex challenges arise.
Conventional Scrum wisdom no longer serves as a reliable guide.
What you need is a structural roadmap for scaling, such as Scaled Agile Framework (SAFe). Each pre-made methodology has its pros and cons when tackling multi-team programs and portfolios. Some, for example, are more prescriptive than others.
Therefore, it would be wise to explore multiple avenues. At the very least, consider Kanban, Large-Scale Scrum (LeSS), SAFe, and Disciplined Agile Delivery. The common thread among them is their lightweight build.
Making this initial choice isn’t an absolute must, but it does tend to make things easier. It narrows down options and streamlines scaling. Go for your own custom-made framework only if you know exactly what you’re doing.
Adopt an Agile Mindset
The next phase of transformation revolves around nurturing the right mindset.
First off, get familiar with basic Agile principles. You have to be quick on your feet and display problem-solving aptitude. The main objective is to respond to change quickly and grow based on the acquired insights.
After all, change is the only constant thing in Agile project management and development. Failure is its inevitable byproduct and you need to learn to embrace it. Make sure top management understands this.
What is more, try to make your business strategies and plans less rigid. This is a way to accommodate changes and make them work to your advantage. After all, your needs and goal are bound to shift down the road, so why not plan ahead of time?
You certainly cannot let unexpected and unforeseen events derail your projects. To avoid this scenario, don’t cut corners or deploy half-measures. Put a well-functioning system in place, which is geared toward learning and evolution.
You can rely on these tips to get the ball rolling and move forward with confidence.
By the Power of the Team
Think of Agile as gradual transformation instead of some big revolutionary moment.
There’s no need to go for a big shake-up that could shatter your organization. You’re better off proceeding step-by-step.
The heavy focus is on the processes of continuous delivery and frequent testing. To set them in motion, first hire the right staff. In other words, assemble teams of individuals ready to work in an Agile way.
To shape their mindset, harness the power of corporate culture.
Most notably, Agile doesn’t go well with rigid, top-down hierarchies. In fact, it entices you to dismantle them. This is just one major hurdle you need to remove from the picture.
So, open the channels of communication and decentralize decision-making. Ensure the utmost level of transparency to establish trust, stimulate ideation, and spur collaboration.
Everyone must be on the same page, practicing Agile on a daily basis.
Master the Art of Incremental Delivery
Agile discourages extensive planning in stages before the projects commence.
The scaling endeavor, however, does include this dimension. There’s really no other way to translate your vision into a functioning set of practices and processes. There are simply too many components that have to fall together seamlessly.
Therefore, come up with a solid plan to break down the big picture into smaller chunks. Set timeframes and milestones that eventually amount to the Minimum Viable Product (MVP).
Namely, you need to initiate a series of iterations (sprints). Each and every iteration is supposed to produce a potentially shippable product increment.
Moreover, align project activities with overarching strategic priorities and business goals. Don’t hesitate to go into detail, but account for the need to adapt. You can take advantage of the rolling wave approach to complete this stage.
Gravitate Around a Consumer-Centric Axis
Ultimately, your success hinges on the ability to deliver real value to customers.
You cannot hope to achieve this without a suitable Product Backlog. The tricky thing is simply having one doesn’t cut it.
You have to engage in its ongoing refinement. This essential task entails prioritization of items according to preset criteria. Ditch vanity metrics and leverage indicators that forward your mission and goals.
While at it, set milestones according to evaluations of the working systems and solutions. It also helps to make backlog decisions a few months in advance. Never let them be a last-minute afterthought.
At the end of the day, you have to experiment to figure out what works and what doesn’t. And only after a series of team-level tests can you start scaling Agile to the whole organization. That’s the way to improve your time-to-market without compromising on product quality.
Adhere to the Core Principles of Agile
Scaling isn’t as simple as expanding what one team is doing to the whole organization.
Your best bet is to rely on fundamental principles of Agile scaling. Start by embracing the Agile mentality and getting buy-in from all employees and stakeholders.
Next off, carefully ponder which scaled method to employ. Rethink your current ways and take into account all your strengths and weaknesses. Do some tailoring and customization to make the most of the Agile framework of choice.
See to it that vital Agile processes coexist with the planning of your business needs and aspirations. Account for continuous change in your strategies. Make sure the practices are uniform across the board.
All your efforts will be a drop in the bucket compared to all the benefits of implementation. You should be able to demolish all the hurdles on the road to market domination.
Feel free to check out our insights section for more actionable tips and advice. More power to you!
The “Four P’s” of Marketing a Law Firm Online
/in Online Marketing and Website Development/by Todd MosserHopefully this synopsis of what I’ve learned will help anyone starting their own law practice, or anyone who has trouble marketing their law firm and needs more clients. The Four P’s work!
What Are the “Four P’s” of Marketing?
First, I learned about the 4 P’s of Marketing—Product, Price, Place, and Promotion. This is a fundamental marketing model that worked 80 years ago and will work 80 years from now, regardless of what new technology arises that changes the way we shop for and purchase goods or services.
If you keep the four P’s in mind, you will have a clear, defined marketing strategy that supports your client acquisition goals.
The First P of Marketing a Law Firm – “the Product”
A lot goes into choosing an area of practice to focus on. Often, an attorney will get a job out of law school, become highly skilled in one area of law, then go out on her own to open a solo practice without looking first to see if the local market is saturated.
Not ideal.
Before you commit to paying for advertising services in a market that you may or may not be able to compete in, consider the following:
1. Is there a big player that already dominates the market?
If there is, be prepared to languish as a very small player for a very long time.
For example, in the Philadelphia area market there is a law firm that does TV ads, places billboards all over the region, and spends a few million dollars on Adwords a year. Yes – a few MILLION dollars.
This firm has made a name for itself as “THE workers’ compensation firm” and it is now incredibly difficult (and expensive) to get workers’ comp clients through advertising. Keywords related to workers’ comp are about 50%-100% more expensive to bid on than keywords from other areas of practice.
The upshot is, it will be difficult and expensive to penetrate a market with a dominant player.
2. Can You Create a Niche?
Frank at Sagapixel told me about a conversation he had with Eric Diaz, a prominent real estate attorney in Philadelphia. He was telling Frank about some of what he does for his clients. During the conversation, he mentioned something his firm must do for all clients that involves tedious paperwork that many attorneys do not like doing.
Frank told me how he interpreted this as an opportunity and suggested to Eric, why not offer this service to other firms? He could train a young associate to do that tedious paperwork, then own it.
I thought this was great. I was lucky in that early in my career I gained experience in a fairly narrow area of practice in government service, then was able to parlay that experience into my own appellate law firm.
By creating or taking over a niche, an attorney will have both a strong value proposition and differentiator that will allow him or her to stand out in a market. Think of it in your own case—would you prefer to hire an SEO agency that specializes in law firms or a firm that works with just anyone that walks in the door? Prospective clients feel the same.
The Second P of Marketing a Law Firm – “the Price”
I’m not going to get too much into pricing here though I will recommend that you take a hard look at your pricing model. The hourly model that many attorneys use could be inferior to a value-based model such as those promoted by consultant Alan Weiss. I have seen that using flat fees that are standard in the region works for many types of law practices.
The Third P of Marketing a Law Firm – “the Place”
This is another area into which I will not go into much detail because this is most often specific to an attorney’s area of practice.
If you have your own law firm, you’ve probably already decided about the “place” of your firm without realizing that that decision is a crucial part of your marketing plan.
Different areas of law have different “place” requirements. A medical malpractice attorney might choose a pricey office right across the street from a hospital. But an attorney whose practice is primarily electronic, like bankruptcy, might relocate to an area with lower costs of living and work remotely.
If you can work from home, do it – for any new firm keeping costs down is vital. Of course, consult your jurisdiction’s rules as some states do require a physical office.
The Fourth P – “Promotion”
Your Law Firm’s Website
The days of people searching the phone book yellow pages are over. People go online to search for goods and services, legal services included. Even if you have a big billboard that someone happens to notice, you know that someone finds you online and checks out your website.
I’ve seen that creating an effective website is as much art as it is science – please choose your web developer wisely. Your website developer will help you:
Google Ads – Adwords for Law Firms
But what are Google Adwords? I certainly had no idea until I started working with Frank at Sagapixel.
Google Adwords (now called Google Ads) are an “online advertising platform developed by Google, where advertisers pay to display brief advertisements, service offerings, product listings, video content, and generate mobile application installs within the Google ad network to web users”, according to Wikipedia.
How Do Google Ads Work? Advertisers bid on certain keywords in order for their clickable ads to appear in Google’s search results. Since advertisers have to pay for these clicks, this is how Google makes money from search. This is also called Pay Per Click, or PPC.
If this sounds like it takes too much time away from your law practice – you’re right. This is why you should consider hiring Google AdWords advertising agencies that handle law firm SEO and PPC to do it for you.
Google Reviews
It is important to touch base with clients after you’ve represented them to ask about their experience. If they respond that they had a positive experience, you should ask them for a review.
There is software that automates this process so that it is hands-off for you. Use it.
Tracking the Performance of Your Online Marketing Efforts
Google Analytics tracks viewer’s behavior and shows you which of your online marketing activities are working and which need some tweaking. Again, this is something your SEO firm handles for you.
As you can see, there are many moving parts to marketing a law firm online. When you establish your own firm, you are taking a big leap of faith that you are going to make it. Educating yourself, then choosing the right web design and SEO firm, will help you create the online marketing strategy that brings you the business you need not only to survive, but to thrive.
About the Author
Mr. Mosser worked for eight years as an Assistant District Attorney in the Philadelphia District Attorney’s Office Appeals Unit prior to opening Moser Legal in July 2013. Since then his firm has litigated over 900 civil and criminal appeals. Mr. Mosser is a leading legal authority in his field, having been quoted in The Legal Intelligencer and having served as a television legal commentator.
How to choose a loan that is best for your business
/in Managing Your Finances/by StrategyDrivenSmart businessmen take their time before stepping into this extreme decision. Because they know it can make or break their years of hard work. You should also take a leaf out of their book and choose the loan by carefully evaluating the following angles:
Be Crystal Clear About Why You Need a Loan
That’s the first and the most critical step at the same time. It is very important to have clarity about why exactly you need the loan because the choice of your loan will be based on that. Understand, there are different types of business loans for everything.
For example, account receivable loans might not be an ideal choice to tackle issues other than cash flow. Similarly, if you want to buy office equipment, you will have to stick to the loans which are modeled according to this very need. For acquisitions, refinancing or obtaining working capital, a credit union small business loan is a good option.
The takeaway message being, you should nail down the precise reason and purpose of the loan otherwise you will lose your way in the cobweb of multiple choices of lenders.
Consider the Duration of Getting a Loan
Well, some loans take more time in approval than the others. At times, businesses foresee the need for a loan and apply beforehand to avoid any delays. However, sometimes we are met by emergencies or it is simply not convenient for us to wait for weeks and need the loan in a matter of a few days. In such cases, fast loans swing into actions.
It is pertinent to mention here that if you have a good record of previous loans, you can save a few bucks on fast loans. However, generally speaking, these loans come up with easy and flexible process but they are comparatively more expensive.
For example, factoring is one of the main types of fast cash. But there are multiple factors will affect your invoice factoring rate such as your industry, size of invoices, creditworthiness and so on.
Estimate the Amount Needed
It is equally essential to know how much money you actually need. Many people apply for the loan just to get as much money as possible. This approach is sure to backfire in the long run.
Even if your documents are in good shape and you can easily be qualified for the bigger finance, still you should not transgress the amount you need. Because businesses have their ups and downs so why take a risk that does not make any sense?
That being said, you should also not apply for an amount so small that you become cash-strapped in the middle of a project. Therefore, be watchful while calculating the costs of your assignment. To be on the safe side, consult an expert who can estimate the right amount for you.
Shop Around
Once you are done with the above steps, it is time to seek a lender. The majority of the borrowers tend to settle for the nearby lender. Just because it saves them time and energy. That’s a non-starter. The best way is to shop around and compare rates.
Better still if you ask for suggestions from your friends. Being affiliated with a trustworthy lender comes up with a cushion.
The Last Verdict
It is important to qualify for a loan but it is even more important to get a suitable loan – the loan of your liking. There is no use of getting a loan that does not seem fit for your end goal. A bad choice of financing is more likely to haunt you in the big scheme of things.
5 Instantly Positive Highlights You Can Easily Publish On Your Landing Page
/in Online Marketing and Website Development/by StrategyDrivenClient Testimonials
Client testimonials are a superb way of highlighting to new customers just exactly what you’re about and some other projects you’ve worked on in the past. Obviously, if you have any negative testimonials it’s a good idea to keep them away from the landing page, but positive reviews from reputable clients are a solid way to show off your skills and draw in new customers interested in using your services.
Contact Information
Obviously one of the most important pieces of information to place on your landing pages is your contact information. You may be wondering why we’ve even included this point because it seems like we’re stating the obvious, but you’d be surprised. Always ensure that the contact information you want your customers to approach you by is clear and easily located to ensure you’re getting the most business as possible. This is particularly important if you’re looking to highlight the fact that you’re using an 0800 number. In that respect, planet-numbers.co.uk can provide 0800 numbers for an extremely cost-effective price.
New products or services
Another obvious piece of information to include on your landing page is any information surrounding new products or services that you’re releasing. Highlighting your latest products and services is a great way of testing the waters and working out what sort of things your customers like. After all, there’s no point releasing something that you’re not going to promote. As well as new products you should always ensure you’re clear about the products and services you offer. Clarity really is the key to attracting new customers and ensuring they purchase from you rather than your competitors.
Latest News
Publishing regular updates surrounding the latest news in your industry is a great way to add fresh and relevant content to your landing page while simultaneously improving your SEO rankings. We’re not talking reams and reams of text; just little snippets of digestible material you can use to highlight things you find interesting that promote your content. Landing pages and blog content are perfect for promoting your business on social media, too.
Information about your brand
I think by now we’ve covered all the main points surrounding what to include on your company landing page. But once you’ve got the important things out the way, take the time to integrate them into your brand tone of voice in a way that appeals to your customer. Information is important, but the way you deliver that information is what’s going to transcribe your words into revenue.