In the world of SEO or search engine optimization, there are the good guys, the ones who play by the rules, and the bad guys who try to trick Google’s algorithms to increase their site traffic. The term “white hat” represents the good guys and is also known as “ethical SEO”. By optimizing your site according to these procedures, your site will be less likely to be penalized by Google.  

 

We will cover the bad guys or “black hat” SEO in a separate post. For the moment, this article focuses on the importance of white hat optimizations, techniques you can apply, and also its limitations. 

 

Importance of White Hat SEO

 

The goal for all types of SEO is to get web pages to the top of Google search results to drive organic traffic to the optimized websites. Since there are millions of pages on the web, search engines need a way to differentiate and rank these pages in order of the ability to answer the search. 

 

If your page is not on the first page of results and preferably in the top 3 results overall, you won’t get meaningful organic traffic.

 

When someone types in their search query into search engines, a list of sites appears on the search engine results page (SERP). SERPs typically contain two types of content – “organic” results and paid results. 

 

White hat strategies influence the organic results that appear according to the search engine’s algorithms. If you are applying strategies based on giving value to your audience, then you are in the white hat lane. 

 

There are several advantages to getting traffic from white hat approaches. First of all, it is cheaper since you do not need to repair violations that have been penalized by Google for applying black hat tactics. Another advantage is consistency. Rankings that originate from a more stable, legitimate approach are more long-standing than quick tricks that Google eventually catches up to. 

 

Finally, relevancy is probably the biggest advantage of white hat strategies. Because you are targeting and providing value to the individuals who are more likely to be looking for your material, there is a strong possibility they will engage and convert. 

 

White Hat Techniques

 

1. Provide quality content – The phrase “content is king” is more relevant today than ever before. Providing your audience with the materials and knowledge they are seeking is invaluable. Blog posts are used by 86% of marketing teams today.

 

2. Keyword research – Choosing keywords that your audience is currently searching for is nearly a surefire way to get them to click on your content. At the same time, many people struggle with SEO because they choose to rank on keywords that are too competitive. If you research long-tail keywords, which are keyword phrases with three or more words, you can find phrases that are not as competitive and are still a popular search. You can use free sites like Uber Suggest and Answer the Public to locate long-tail keywords.

 

3. Page speed – Does your webpage load in under 3 seconds? If not, it is time to condense videos, reformat images, and install plugins to get your page speed down. Users get frustrated when sites do not load quickly; as such, Google ranks your page lower because it is not fulfilling the user experience.

 

4. Mobile-friendly – Out of the 8.5 billion searches on Google every day, 63% of them originate from a mobile device. Fortunately, it is not difficult to make your website mobile-friendly. There are websites like Experte that allow you to quickly evaluate whether your website is being penalized for mobile users. 

 

5. On-page – This practice refers to the content and HTML source code of a page that can be optimized. Adding things like metadata, alt tags, anchor text, headings, and sub-headings are just a few examples of applying on-page SEO strategies.

 

6. Quality link building – Backlinks gained organically versus paid links have become a hallmark of SEO practices. Most linking will come from content and social media. If you are starting from square one and do not have many backlinks, you will need to do a lot of email outreach to websites that provide similar content for your users. 

 

White Hat Limitations

 

Even though white hat SEO is typically more cost-effective than black hat, the barrier of entry is often too steep for many companies to implement. The recommended optimizations above certainly work, but there is a great deal of complexity and time needed to modify the technical aspects of your website.

 

Another challenge with white hat tactics is the amount of time it takes a website to rank on the first page of Google search results. Many organizations give up before the front page is realized. But if you consistently create strong content that your audience uses over time, you will surpass this barrier eventually.

 

The biggest limitation with white hat optimizations is competition. In certain industries, you are up against many companies that have highly optimized websites ranked purely with white hat techniques. In these aggressive markets, to avoid waiting, sometimes years, to reach the front page, you can either pay for advertising or create more digital strategies that enhance engagement.

 

Overall, white hat SEO strategies focus on providing your users with high-quality and relevant content that optimizes the user experience. By focusing on quality and user experience, it is only a matter of time before your website beats out the competition and is catapulted to the front page.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

 

As a business owner, you already know how easy it is to get caught up in the day-to-day management of a particular project. We all get tunnel vision at times and only focus on completing the tasks directly in front of us. 

However, it is important to pull back and get a big picture of how a project is functioning and affecting the organization’s overall profitability. Project margin helps to solve this problem.

Many business owners don’t factor project margin into their project management analysis. However, this statistic affects more than tracking and forecasting a project. While many areas could be affecting an organization’s profitability, this article emphasizes how monitoring on the project level will contribute to your overall success. 

What Is Project Margin?

Like profit margin, project margin is calculated by subtracting the costs from the revenue but on the project level. This deeper dive provides additional insight while concentrating on each project to determine which ones bring in the most revenue.

The costs associated with each project can be broken down into separate components. For example, you can track and observe the time your team devotes to a particular project and additional expenses such as equipment and third-party vendors.

An organization’s margin is divided into two parts: Current and projected. 

• • Current Margin – This value represents a specific point in time and is constantly fluctuating due to expenses going out and revenue coming in. 
  • Projected Margin – This value is the forecasted amount expected once the project is at completion. 

To better understand project margins, you will need to track the current margin and then add in any scheduled cost in the future to predict the projected margin accurately. 

Once you have this information, you can view the P&L of a specific project to discover trends.

P&L for Each Project

Let’s say your company is producing more new sales, and from the outside, your business appears profitable. However, you still aren’t creating consistent cash flow. Where do you look to find the source for where this money is going?

Many profitable organizations manage every project as a separate profit & loss (P&L). This approach reveals each independent project’s ability to generate profit. These metrics make it easy to refine your offerings and double down on the projects bringing in the most capital. 

This level of insight makes it easy to predict outcomes, so you can still make changes in time to meet your project targets. By making these predictions, you can quickly move resources, adjust staff numbers or change your project scope before the deadline approaches. 

Leading & Lagging Indicators

Project margin is a lagging indicator which means this metric evaluates only the current production and performance. Many business owners use leading and lagging indicators to track business trends month over month. Below highlights the main differences between these two statistics.

• • Leading Indicator – these measurable factors define what actions are necessary to achieve your goals. They are considered leading because they point toward the possible future to meet overall business objectives. Examples used in business include a new product pipeline, new market growth, and brand recognition.

Leading indicators make business owners ask questions such as:

  -How can we simplify processes to boost our outcome?

  -Where can the team make improvements to reach our goals?

  -What steps can be taken to speed up production or development?

• • Lagging Indicator – these indicators can only be known after the event completion, and changes in the project landscape can cause companies to alter their course. Even though this factor is not revealed until the end, you can use this information to gain knowledge and prevent future mistakes.  

Lagging Indicator questions could be:

  -How much of the final product did we produce?

  -What were the reasons we missed our deadline or goal?

  -Did any other variables pop up to alter the course?

 

These indicators regularly track performance by creating benchmarks to meet KPIs and overall business objectives. 

Since lagging indicators focus on outputs rather than outcomes, some organizations focus too much on the end results and miss opportunities that would have changed the outcome. 

Project Margin Best Practices 

Below are a few best practice recommendations when tracking and measuring your project margin. 

• • Resource planning: Project resources often change during the creation of a project. It is critical to have a plan to check and review any resource changes every week so the project margin data is accurate. 
  • Timesheets: Your business must have a reliable process for employees to complete timesheets on time every week. Utilizing payroll processing software that automatically checks accuracy and alerts for overages might be a great solution to keep projects in check.
  • Account reviews: Managers should have recurring monthly meetings with staff to review the leading indicators on specific accounts. These forecasts are a great way to head off potential problems to make strategic changes to the project.
  • Benchmarking: As well as measuring and tracking project margin, it is also advantageous to compare your statistics with other organizations. This information can give you a bigger perspective and indicate if you spend too much time and resources in a specific area.

 

 

How FINSYNC Can Help

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

COVID-19 forever changed the way many businesses structure their meetings. What once took place inside a conference room now takes place in virtual meetings that are now backed by easy-to-use software and tailor-made home offices. 

 

Virtual meetings have a lot of advantages: convenience, employees no longer waste time commuting, reduced rent, easier scheduling, etc. These benefits are why many businesses have decided to continue remote meetings even if they require workers on-site part of the time. 

 

On the flip side, virtual meetings come with their own set of challenges. This article will take you through those challenges and a few options to overcome them so that your employees have healthy job satisfaction and feel less drained. 

 

Limited Connections

 

Humans are social creatures. Regardless of being an introvert or extrovert, we are driven to connect, and not being physically around other individuals can cut out potential camaraderie.

 

These connections at work have been shown to reduce stress and fatigue. Confiding with someone experiencing a similar situation validates and normalizes their experience. Essentially, employees feel they aren’t battling alone.

 

Working remotely doesn’t need to put an end to this type of communication.

 

A possible remedy for this would be to encourage cross-talk before or after each meeting. Connecting with others means sharing something about yourself, your family, your pets, and even your dreams. Here are a few exercises you can use to spice it up.  

 

1. Everyone shares a fun fact that no one else knows.

2. Ask all attendees what is the first thing they would buy if they won the lottery. 

3. Show the camera a personal artifact with memory or importance that you can share.

 

There are countless ways to make it personal and be seen. Something as simple as giving everyone time to share instead of allowing one or two people to dominate the entire meeting can help engage the entire staff. This involvement will let everyone’s issues be heard and ultimately decrease employee burnout.

 

Turn Off Cameras to Reduce Fatigue

 

When people are being watched, they act differently. They may react more animatedly when told a surprising fact. Women especially report that they tend to feel pressure to look effortlessly flawless. Some workers may have an intense fear that their children will walk in or cats will jump in front of the screen.  

 

In addition, looking at our own faces can be stressful on its own. Viewing what we look like when exhibiting any emotion can take us away from the meeting, and even just seeing how our resting face looks can be jarring.

 

The solution isn’t to turn everyone’s camera off. Instead, give employees autonomy to choose whether or not to use their cameras. After all, employees who feel autonomous and supported at work are more likely to perform at their best. 

 

Technical Difficulties

 

In real life, a normal conversation has a natural rhythm and flow. It can be difficult to replicate this flow in virtual environments when internet speed lags, the camera freezes, or the audio makes someone sound like a garbled chipmunk.

 

According to the University of Arizona, poor audio or video quality is a significant source of remote meeting stress, sometimes referred to as “Zoom Fatigue.” It can be even more worrisome when the speaker doesn’t realize they are experiencing these issues. An easy way to prevent this is to check your mic and camera before each meeting. 

 

Finally, if you have been experiencing frequent lag or freezing, it is good to check your router and internet connection. 

 

Set an Agenda

 

If people turn up to a meeting with random questions, it could cause the speaker to stray off-topic or go over the meeting time. At the same time, if someone had prepared a long speech when not prompted, it could catch people off guard and unprepared. 

 

A way to avoid this is to have a solid objective. Start with a list of items you want to cover and calculate approximately how long each point will take. For longer meetings, try to break everything down into 10-minute chunks to maintain focus and engagement.

 

When you have an agenda together, share it at least 24 hours before the meeting. You’ll give people the time to do their thinking before the call and maximize the return on your time.

 

Developing an agenda is an excellent opportunity to encourage participation by asking your attendees their thoughts on the topics. One could even ask questions before the meeting to facilitate conversations. 

 

Lastly, a well-planned meeting should avoid going over the allotted time. It is important to respect everyone’s time and workload. Some employees with a tight schedule get derailed when a meeting lasts a lot longer than expected. Setting a time limit will help ease a strained workday and inevitably increase productivity. 

 

Summary

 

Virtual meetings do not appeal to everyone, and despite their upsides, there are also some notable disadvantages that businesses should consider. 

 

Remote work can be difficult; however, it is here to stay. As a business owner, the best steps you can take are to ensure that your meetings are inclusive, effective, and well-organized to reduce fatigue and build team solidarity.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Many analysts report that poor cash flow management is the number one reason businesses fail. Therefore, analysis and having the best tools at your fingertips is essential to safeguarding your business against bankruptcy, and one of the most critical analyses is “Days Sales Outstanding,” or DSO. 

 

DSO is a crucial metric to interpret and manage the cash flow of your business. This article will cover the importance of DSO, how to calculate this, perform analysis, and ways to improve this key number.  

 

Importance of DSO

 

Days sales outstanding (DSO), also referred to as the average collection period (ACP), is how many days it takes to collect money owed to your firm. We want DSO to be as low as possible from a cash flow perspective. If day’s sales outstanding goes down, then cash flow goes up and vice versa. 

 

Collecting revenue later than necessary puts you in a vulnerable position; the organization may need to borrow money or sell assets to cover the cash-flow deficit. If there is a structural problem with collecting these receivables, a company can even experience bankruptcy.

 

Before we move to the calculation, here are a few relevant terms:

 

◦ Cash sale: A sale settled immediately. The payment can be made by a card, actual cash, or check. 

◦ Credit sale: These are purchases made that do not require payment in full at the time of purchase. Payment can be made later or over a period of time. For companies that use invoices, NET 30, NET 60, and NET90 refer to payments done in 30, 60, or 90 days.

◦ Accounts receivable (A/R): The accounting term for all outstanding invoices owed to your company. 

 

DSO Calculation

 

Days sales outstanding can be calculated by dividing the total accounts receivable by the total net credit sales during a certain time frame. This number is multiplied by the number of days in the period of time.

 

The time used to measure days sales outstanding can be monthly, quarterly, or annually. If you calculate monthly, the measured period will be the number of days in that month, likewise for quarterly or yearly.

 

 

You can find the accounts receivable total on the asset side of the balance sheet and the revenue in the income statement.

 

Analysis

 

Now that you have determined your day’s sales outstanding, how do you interpret this data?  

 

A frequent place to start is to figure out if invoices are past due, and this information should be within the terms of a customer contract. Language such as “net amount due in 30 days” is how to determine if invoices are not paid on time. 

 

What are the reasons behind late payments? It is important to research potential issues like shipment problems or late invoice delivery. If a firm is requiring their customers to pay by paper check, offering an electronic option could speed up collections.

 

On the other hand, a low DSO is considered more favorable, and it shows that customers are paying on time or the company is strict on its credit policy. There is a possibility the organization is missing out on sales opportunities that would come from companies requiring more favorable credit terms.

 

Overall, having a low DSO for small to medium-sized businesses generally carries considerable benefits. Fast credit collectability decreases problems related to paying operational expenses, and a company has more cash on hand for other purposes. 

 

It is beneficial to look at this measurement and its change over time. If this number increases, a business may need to tweak its accounts receivable or overall business processes. 

 

Solutions

 

It might be a good time to invest in accounting software that does online and automatic invoicing. These features can shorten the delay in payment. Additionally, platforms like FINSYNC can track payment status, send automated payment reminders, and customize invoices with payment terms included.

 

Another option would be to include more payment options like ACH and online payment alternatives to get paid faster. Additionally, it may be practical for online users to store their credit card information to streamline their payment process.

 

If customers are repeatedly late or unable to pay, it is time to question the effectiveness of the credit review process when enrolling new buyers. Get your sales team on board and determine potential red flags that can occur during the onboarding of new clients.

 

Across the board, DSO is an excellent metric for determining the efficiency and effectiveness of your organization’s collection process for outstanding payments. 

 

Given the significant role of cash flow in an organization, having easy and regular access to your DSO values can help your business discover ways to collect outstanding bills as quickly as possible. 

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

 

 

The sales funnel, or marketing funnel, is a great relationship-building framework that will take an individual who has never heard of your business and guide them along the way until they become a happy and loyal customer. 

 

Sales funnels are a graphical representation to illustrate these customer experiences, as they can often be challenging to visualize.

 

We will take you through these individual stages while detailing the advantages of developing a sales funnel for your organization. 

 

How Sales Funnels Work

 

Today, many business sales cycles are long and don’t deliver a new customer right out of the gate. There is so much competition and opportunity to set yourself apart from others. One has to explain, shape, and even mold the users to comprehend how you are different and what you can deliver where others fall short.

 

By utilizing a sales funnel, sometimes called a marketing funnel, you are offering your potential customers a map to learn about your organization. The funnel provides all the tools and data necessary to take them through the process while nurturing a relationship with your business. This customer journey begins when they first learn about your company until they become dedicated customers.

 

A sales funnel is composed of three stages: awareness, consideration, and conversion. As we move down the funnel, our number of leads decreases because we aim to target those more likely to convert, which inevitably reduces the pool.

 

Know Your Audience

 

Before defining the funnel stages, it is important to understand the way your business acquires new customers. Maybe your prospects find you on social media, paid ads, or by a Google search that utilizes search engine optimization (SEO). The important thing is to understand where they originate. 

 

Creating a sales funnel works most effectively when you understand your target audience’s habits. 

 

Once traffic origin is confirmed, the sales funnel stages will guide prospects through a series of data and communications that make it easy for them to learn more about your company. 

 

Awareness

 

Prospects at the first stage typically don’t know much about your products or services. This stage is called the awareness stage, which is at the very top of the funnel. 

 

Awareness content should have a very low barrier of entry and will appeal to a broad audience. Adding materials such as a landing page or infographic that is simple to follow can help entice your target audience. 

 

It is crucial to include a call to action or CTA, which will make this newly formed association more solidified and urge them to continue down the funnel. 

 

A great approach is to provide free content in exchange for an email address. Providing free beneficial information could be in the form of a video, blog article, or ebook. Those who complete an action at the top of the funnel will move on to the next stage. 

 

Consideration

 

The consideration stage represents the middle funnel. We now produce content that should align with the users’ interests. Here, we lean into cultivating the relationship by earning their trust and drilling down on their pain points. 

 

Retargeting ads are a great way to increase brand awareness. Retargeting is serving an ad to an individual who has already seen your business and has been previously marketed to in some fashion. A retargeting ad could be as simple as an email that answers common questions. Include additional product features along with successful case studies. Make sure to include your next CTA. 

 

It might even be the right time to introduce a special offer and let them know how you can help them along their journey. The goal for the mid-level funnel is to get prospects to take the next step and for you to gain authority in the subject you are representing. 

 

Conversion

 

The conversion stage, or bottom of the funnel, is the last stage where prospective customers go before they convert. By now, these individuals are more familiar with the brand offerings and recognize how you provide value. 

 

At this stage, these prospects are more likely to have the intent to purchase. It is crucial to make the final action as easy and seamless as possible. You want the idea of becoming a customer to be the next logical step.

 

Time to get direct and specific about what you do and what you can provide. Create price comparisons, testimonials, and information around common objections. Leave multiple CTAs and easy buttons to connect, like social media and website links. Now is a great time to schedule a demo, set up a free trial, and get them set up. 

 

Summary

 

The continued follow-up with potential buyers is a great way to organize traffic and increase conversions. The sales funnel creates a process around those interactions. As your business continues to drive strangers through your funnel with multiple campaigns, perfecting and optimizing, you will be able to identify what messaging is working for your audience and what isn’t. 

 

As you develop a relationship throughout the customer experience, it makes their eventual conversion easy and expected and your sales more predictable. Why? Over several weeks, months, and even years, your prospects have become fully educated on your business offerings and how your organization is aligned with their needs.  

 

Lastly, make sure you are tracking your results throughout the entire process. Understanding metrics such as cost per acquisition (CPA), lifetime value (LTV), and conversion rates will increase your sales funnel’s success. 

 

How FINSYNC Can Help

 

There are three primary ways FINSYNC helps business owners. (1) CO.STARTERS courses through FINSYNC can help turn your business idea or side hustle into a thriving business. (2) You can apply for a business bank account on our website. (3) FINSYNC’s software allows you to run your business on One Platform – invoice customers, pay bills, process payroll, automate accounting, and manage cash flow. Contact us today to learn more about how we can help your business start, scale, and succeed.

It was only a matter of time before someone began monetizing our digital culture. NFTs are currently shaking up art, gaming, and other digital platforms selling items up to millions of dollars. This begs the question, are NFTs a short-lived trend, or are they here to stay?

In 2021 alone, $22 billion was spent on trading NFTs. As the industry expands with new art assets generated and more widely-accessible platforms created, many believe this number will increase. But how can a market exist at all when nothing is physically sold?

What are NFTs, and how are they related to popular cryptocurrencies? We will answer these questions and more as we dive into this relatively new space that boasts dazzling promises of making its investors very rich. 

What Is a Non-Fungible Token?

An NFT or non-fungible token is a digital asset of sorts that represents digital items such as art, photographs, and videos. Think of an NFT as a sort of digital title to something. As a digital creator, you can create an NFT that establishes ownership of your digital creation. If you’re a graphic artist, your NFT would reference a particular JPG creation in a similar way to how a deed references a particular piece of real estate.

These digital items can be used within gaming platforms, on social media, or just stored on a computer with the hopes that the digital creation to which the NFT “title” has been created will appreciate in value. 

These tokens are one-of-a-kind assets that can be bought and sold like any other piece of property. However, these items have no tangible or physical form, and they exist only as code within the digital space that references the digital item/object owned.

Each NFT is unique and ideally, should be the only “title” to a piece of digital work. For example, in less than ten minutes, William Shatner sold 125,000 non-fungible tokens containing digital photographs of the actor’s memorabilia. One of which was an x-ray of his teeth.

Most non-fungible tokens are part of the Ethereum blockchain. A blockchain is a list of transactions that anyone can verify. Somewhat comparable to a property title search, a blockchain additionally guarantees the fidelity and security of a data record without any third-party verifications so tracing the ownership of an NFT through multiple sales can be accomplished without a visit to the local county records.

Tied to Cryptocurrency 

Cryptocurrencies such as Bitcoin, Etherium, and Dogecoin are all fungible. Meaning another identical item can replace them. 

If you trade one bitcoin for another, you end up with the same item. However, if you trade one Bored Ape card for another, you would end up with something completely different. Both the art and its value would differ since owning one of these “unique” cards unlocks a membership into an exclusive club. 

The pushback for Bored Ape and other “unique” digital assets is the ease with which very similar versions can be created. Alter a few pixels in a JPG and you have a new work of art that could have its own NFT.

How to Create an NFT

To create a token, you must first inscribe some metadata about a piece of art, such as a link to a video or image, onto the blockchain of Ethereum cryptocurrency. This metadata gives the creator a contract after the required “gas fee” is paid. Gas fees are the transaction fees from Ethereum.

Once the gas fee has cleared, Ethereum puts a timestamped permanent metadata record onto the blockchain. You are the owner, and now your new, non-replicable (theoretically), an original digital asset can be sold if desired. 

Also, non-fungible tokens have a nifty feature that allows the original creator to continually get paid a percentage every time the token is sold or changes hands. 

Christie’s remains the top non-fungible token seller to date. They sold one digital asset called Everydays: The First 5,000 Days for over $69 million. 

Duplication Is Okay for Now

The non-replicable piece mentioned above is challenging as well since any image found on the internet can be copied, screenshotted, etc., and saved by anyone else. Perhaps we’ll see businesses cropping up to help identify unauthorized use of digital creations for which an NFT exists.

There are endless copies, prints, photos of the Mona Lisa, only the original holds value. NFTs are similar, and the metadata timestamp acts as an electronic receipt; therefore, it has only one owner. 

Since digital images can easily be “right-click copied” again and again, this doesn’t decrease the value of the original image. On the contrary, the more attention an asset gains, the more likely the value will increase. Just like traditional marketing strategies, the hype will increase the demand.

On the flip side, there have been recent lawsuits for copyright infringement involving non-fungible tokens. Quentin Tarantino sold tokens created from Pulp Fiction, and the assets included the original screenplay, “secrets” about the film and his process as a creator. Miramax has since filed a suit against Tarantino, stating they own all the intellectual property for Pulp Fiction. 

Wrap Up

NFTs will be around for the foreseeable future, and it is no wonder other companies are jumping on board to create an accessible landscape. Samsung announced earlier this week they plan to release their new smart TV line, and their interface will allow users to purchase non-fungible tokens. 

Other brands will follow as new Metaverse platforms align.

But don’t expect it to be a smooth ride. After all, the idea of paying real money for a digital asset that may not actually be that fun to own or unique may cause wild fluctuations.

 

FINSYNC continues to support your small business with updated accounting and business knowledge to help you grow, scale and succeed.

Facebook recently changed its name to Meta, a reference to the sci-fi term metaverse, to describe their vision of working in the virtual world. Since this announcement, searches on Google for “metaverse” have soared.

But everyone seems to have their unique interpretation of what this word means. 

What is the Metaverse? This article tackles this very question and the companies involved, and what it could mean for the future of small businesses and our society as we know it. 

Defining the Metaverse

Neal Stephenson first coined the term Metaverse in his 1992 novel, Snow Crash. The book centers around life-like avatars who meet up in a 3D, holographic, virtual-reality world. 

But we don’t have to visit a dystopian world to experience this virtual reality world. 

If we think of the internet as something we look at, the Metaverse is what happens inside. We will explore this new realm with an avatar, a virtual representation of ourselves that we control and interact with others. 

Available in virtual reality (VR), augmented reality (AR), or your standard screen, this virtual universe promises to combine our digital and physical experiences to enhance our lives. This new spatial construct has one ultimate goal, to be immersive. 

The Players

Since the Metaverse term originated, online community platforms have grown immensely within the last 30 years. Currently, several businesses are first movers, who realize the potential to create the most return. Here are a few:

Meta

Meta, formerly known as Facebook, acquired the VR headset company Oculus in 2014 for $2 billion. Meta envisions digital avatars connected through work, travel, or entertainment using VR headsets. 

The CEO, Mark Zuckerberg, has confidently stated that Meta will transform the internet as we know it. They are constructing a haptic glove that allows the user’s hand to feel the objects touched within the virtual world. 

Epic Games

Video games probably have the lowest barrier to entry for a virtual experience as users are already accustomed to avatars and interacting in a digital environment. Epic Games is developing photorealistic digital humans so that one day you can customize your digital clone in games like Fortnite. 

Additionally, Epic has already held VR concerts, movie trailers, and a re-imagining of Dr. Martin Luther King, Jr’s “I Have A Dream” speech. 

Microsoft

The software company is developing virtual meeting rooms where businesses can train new employees or have virtual meetings on Mesh, part of Microsoft Teams. 

Since the pandemic, we learned two things about working from home: remote workers are far more efficient than most business leaders imagined, and they miss the spontaneous opportunities to build relationships with colleagues. 

In 2022, Mesh will enable users to send chats, collaborate, and share documents with an avatar. Many believe this will be the gateway to this virtual world.

Nvidia

Unlike the three companies listed above, Nvidia isn’t designing their piece of the Metaverse. Since all versions will be more graphically intense than your typical 2D interactive platforms, we need a killer GPU or graphics processing unit to render simulated users, plants, buildings, and other responsive objects. 

Nvidia has already heeded the call. It currently occupies around 83% market share for GPUs and is the largest maker of graphics and artificial intelligence chips globally. 

In addition, Nvidia has focused on what it calls the omniverse, a technology based on its computer chips. This tech brings engineers and designers together virtually to make mechanical products.

The Metaverse is shaping up to be a modern age space race. Instead of rocket science, companies battle with VR headsets, ultra-fast graphics cards, cryptocurrencies, and a copious amount of computing power.

Business Implications

Many are not even questioning the massive popularity this new augmented reality world will attract. Millions of people are already spending hours per day in virtual worlds such as Roblox and Minecraft. 

Imagine combining this technology with E-commerce. 

The ability to shop for shoes using an avatar that tries them on and walks around in them might make you more likely to throw down the cash for those Nike Air Zoom GTs.

We can only assume that this emerging technology will affect nearly all digital industries. Especially the marketing world. Looking at the data, we can verify that the current trends in marketing initiatives that elicit a consumer’s emotional connection to a product are working spectacularly. This virtual world will allow companies to target audiences in an entirely new way.

NFTs are currently a $17 billion market. Gucci developed a virtual luxury shoe called Gucci Virtual 25. These sneakers sell for $12.99; however, they are used only within partnered apps like Roblox and VR Chat. In May 2021 Gucci and Roblox partnered to create the Gucci Garden, a virtual reality experience that allows users to purchase digital products. 

The Future

Imagine walking into a restaurant and putting on slim AR glasses, which allow you to view the menu and reviews from your friends and family—or having coffee with a friend and noticing the woman’s shoes at a nearby table. Envision yourself identifying the shoes by looking at them (with AR glasses) and then placing an order before your cappuccino arrives at your table. While great-looking glasses are not available yet, you can get a feel for this technology with Google’s Lens app.

Of course, these future predictions are only an artistic impression, not necessarily accounting for every technological advancement. In truth, it could be 5-10 years before the technology can make these types of scenarios real. 

More realistically, 2022 will most likely introduce us to the VR world bit by bit by providing us with a richer, more immersive version of what already exists today. Soon interacting within the Metaverse will be considered normal as life in the everyday world carries on.

Is there an opportunity for your business in the Metaverse? It might be worth exploring.

 

Stay up-to-date with the latest trends and other tips and tricks FINSYNC brings to small businesses.

For businesses to thrive, they need to cultivate a safe and rewarding work environment, making employee retention a key differentiator in today’s competitive landscape.

 

The Bureau of Labor of Labor Statistics reported that 2.9% of the entire American workforce quit their jobs in August 2021. This percentage equated to 4.3 million individuals and represents the highest month ever recorded to date.   

 

The “Great Resignation” shocked many employers because it was contrary to traditional management’s relationships with labor markets. Therefore, a company’s ability to hold on to its talent is of utmost importance. 

 

Learn the definition of employee retention and the benefits and cost savings of low employee turnover. In addition, you will learn how to accurately calculate your business retention rate and develop a strategy to monitor and improve the length of time your employees remain within your organization. 

 

What Is Employee Retention

 

Employee retention refers to the organization’s ability to prevent employee turnover. The retention rate is the percentage of employees who remain with the organization during a fixed period.

 

Individuals may resign from their employment due to a variety of different factors. When looking at retention, we focus mainly on the voluntary reasons an employee has left an organization. 

 

Retention strategies tend to focus on preventable turnover. The first step to building a system for retaining employees is to discover the reasons behind their leaving during their exit interview. 

 

Voluntary resignations can include the following:

 

◦ No clear path to advancement

◦ Low morale

◦ Boredom

◦ Feeling overworked

◦ Low pay

◦ Lack of benefits

◦ Unhappy with management

◦ A need for better work-life balance

◦ Dissatisfaction with company culture

◦ The desire to make a change

Exit interviews provide valuable insight into your employee turnover. Recording and categorizing these reasons can help you determine if your employee retention strategies need improvement. 

 

Costs of High Turnover

 

Gallup estimates the cost of employee turnover to be more than $1 trillion annually to replace individuals who voluntarily leave. The costs associated with recruitment, training, and loss of productivity equate to one-half to two times the position’s salary. 

 

Losing highly productive employees can lower morale and decrease efficiency, especially if the increased workload falls on the remaining team members. This vacancy can easily affect your bottom line.

 

Benefits of Employee Retention

 

Besides the high cost of turnover, retaining good employees has other benefits. Here are a few examples:

 

◦ Higher employee job satisfaction – this goes hand-in-hand with employee retention. Worker happiness and fulfillment affect the individual commitment to their team and organization.

◦ Better customer experience – employees who have been with a company a long time will develop relationships with specific customers. These individuals are more familiar with troubleshooting and more able to implement the company’s core values.

◦ Lower recruiting costs – by focusing on retention, a business will have to eventually pay lower recruiting costs. Expenses include recruiter fees, airfare, and accommodations for the potential candidate, and training and onboarding once hired.

 

Calculating Employee Retention Rate

 

Employee retention rate is the percentage of workers a company can keep consistently, long-term employed, within a fixed time period. This rate is different from employee attrition, as the attrition rate shows the percentage of employees a company loses and does not replace.

 

Some experts believe that a worthy goal for a retention rate is above 90%, and this number will vary across different companies and industries. 

 

Improving Retention Strategy

 

Developing your retention strategy for your company should be at the forefront of your goals. Besides more apparent techniques like hiring people who want to stay longer and performing exit interviews, here are some brief points you can incorporate into your retention strategy.

 

◦ Promote from within – many surveys revealed that employees leave due to feeling stalled in their careers. Lack of salary increase, training, and skill development impede career advancement. Promoting from within rewards current workers and makes them feel valued.

◦ Provide childcare – the pandemic has made childcare a family problem and a business issue. One survey found that 20% of workers had to cut back or leave their occupations due to a lack of childcare. Set your business apart and provide a childcare subsidy, remote team abilities, or a flexible schedule to allow various drop-off times. 

◦ Implement internal rewards – everyone from the CEO to the interns craves validation. Not just from a direct manager, but shout-outs to co-workers, project leaders, and service providers can increase hard work and make individuals feel recognized and appreciated. You can also include rewards such as premium notebooks, ergonomic desk tools, or team-branded custom sweatshirts to make the acknowledgment feel meaningful & memorable.

◦ Earn the trust of your employees – employees perform better when they trust the people who are giving them their work. Building personal connections, creating transparency, and radical candor in communication are great ways to build trust. Also, implementing an unlimited PTO policy is a strategy many companies implement to instill confidence.

◦ Encourage feedback – you don’t have to wait until an employee’s final day to receive feedback. When employees don’t feel their complaints are addressed, they assume the company is not interested in improving. Ask your employees for their opinions on a specific project or the business as a whole. Sometimes, being heard can go a long way to encouraging great employees to stick around. 

 

Creating a successful employee retention strategy takes significant effort. A great place to start is to identify the most pressing issues and where you can make the most impact out of the gate. 

 

Also, add your own unique strategy points. Perhaps your culture would benefit by allowing individuals more creativity and less micromanagement, or maybe they would benefit from more training. 

 

The data suggest that the labor shortage will increase rather than decrease, and retaining your best employees will become harder and harder. Adding just a few key strategies will enable your company to attract and keep top talent while building employee engagement and preventing unwanted turnover.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Changes happen in pandemics, Google algorithm shifts, new cyber security issues, and other variations in our physical and digital world that upend the pre-paved path. It would be nice to look into a crystal ball and predict the challenges that lie ahead in 2022. 

 

Fortunately, many experts agree that 2022 will be an excellent yet volatile year. Below are eight predictions likely to happen in 2022 and the associated small business risks. 

 

1. Financial Institutions Will Increase Spending for Innovation

 

Banks will reach double-digit spending growth on tech in 2022. The US and China are taking the lead, putting a higher demand on technology talent to fill these competitive positions.

 

Fintech, or financial technology, is used to augment a streamlined and digitized banking system. If you have ever deposited into your bank account by taking a photo of a check, you have utilized fintech software.

 

As technology has flourished, banks can keep pace or be left behind. Providing a state-of-the-art digital experience has become necessary for financial institutions to adopt. 

 

DXP or digital experience platforms, are on the rise and succeed at meeting bank customers’ needs and lowering their transaction costs. 

 

2. AI Integration

 

South Africa granted the first patent to an artificial intelligence system this year, revolutionizing the way we think of creative machines and legally recognizing their innovations.

 

New developments in AI have set the stage for further results and future patents expected in 2022. 

 

Banks continue to implement AI to decrease backend processing and reduce fraud. But AI integration is happening in nearly every industry. 

 

Perhaps the most significant AI achievement will presumably commence in 2022: AI-supported software development.

 

3. More Targeted, Personalized Ads

 

We have seen personalized ads increase steadily over the past decade. In 2022, targeted ads will become the norm in identifying and capturing new potential customers and clients. Companies not directly scrutinizing their customer’s buying activities will be left behind.

 

We live in an age where our data is ubiquitous. After we make a purchase, it is recorded, stored, and analyzed by hundreds of companies, all with one goal in mind, to place ads in front of you where you are more likely to act.

 

Television has historically been the top-dollar producer of advertising campaigns, and Deloitte Global predicts that TV ads will become more personalized in 2022 in a phenomenon known as “connected tv.” Much like social media has been doing for years; households can expect to see different ads based on their buying habits when watching their favorite TV shows. 

 

In 2022 alone, personalized TV ads are estimated to bring in around $7.5 billion globally, and this number is over 40 times higher than was forecast in 2012. Even though viewing hours are in decline due to apps like Netflix, TV advertising prices continue to increase.

 

4. Time Spent with Traditional vs Digital Media Marketing

 

Over the last decade, overall media consumption has risen by 20.2%. This increase is mostly due to digital media expansion. In 2021, US adults averaged around 463 minutes of digital media per day. 

 

Digital media is taking over. Traditional media has been on a slow, steady decline. In 2022, traditional media will be 30% less than where it was in 2011.  

 

We are only at the beginning of media availability.

 

In 2022, the first low earth orbit satellites (LEO) will change the lives of billions of people worldwide. These satellites have an end goal of providing affordable broadband to every corner of the planet. 

 

5. Brands Competing with Marketplaces

 

E-commerce sales continue to break sales records every year. Of course, this is great news if you operate a large marketplace such as Amazon. Shopify disclosed a 46% increase in sales between 2020 and 2021. 

 

However, for small boutique retailers, using a marketplace to sell items can be a love/hate relationship.

 

In the past, it was a vendor’s dream to partner and sell their merchandise with a large marketplace under the expectation that sales would increase dramatically. Due to tight profit margins and lack of customer interaction, smaller brands will turn the tables on these large enterprises. 

 

By implementing global order management software, brands have discovered they can do a lot of the heavy lifting themselves while enhancing direct relationships with their customers.

 

Small companies can implement order management, conversion rates, subscription billing, and inventory control. These smaller brands are empowered to have a voice in today’s E-commerce world. Thus, these brands can retain their profit margins while expanding and growing their business the way they want. 

 

6. Heightened Security Attacks

 

We have already seen how cryptocurrencies attract cyber-attacks. But this is just one example of internet security flaws that have recently fallen victim to attacks. 

 

In 2020, 27.8% of companies reported 20+ supply chain disruptions, an enormous increase from 4.8% in 2019. Firms are now trying to make their supply chains more resilient by changing their course from offense to defense. 

 

Implementing third-party tools to prevent security breaches also means more security attacks are likely. Small businesses can coordinate their safeguards by employing tools to help with risk assessment, supply chain mapping, and real-time business intelligence. 

 

In addition to small business security breaches increases, consumers are also victims of identity and data breaches. 

 

With Facebook whistleblowers and Google’s decrease in security and privacy, customers now think twice about willingly sharing their data.

 

7. Sustainability

 

Understanding the value of sustainability is more prominent within the public sector. Europe is leading the environmental initiative, and many other countries are close behind.

 

There is an increase in awareness of the importance of sustainability perceived by job-seekers, investors, and consumers alike. This trend puts pressure on companies to increase their transparency with regard to their environmental friendliness.

 

The 2021 IPCC Report from the UN clarifies the critical need for immediate and drastic climate action. Numerous reports of this nature combined with public pressures have made many organizations flip their climate and sustainability stance. 

 

8. COVID Is Not Going Away

 

“When is COVID going to end?” “When will things get back to normal?”

 

These questions have plagued us for almost two years now. For a while, they became so common that many of us have stopped asking them. It is easier to accept the big takeaway that we now live the new normal.

 

Fortune has predicted that by 2022 COVID will become endemic. Meaning the pandemic will not end with the virus disappearing altogether. However, as enough people gain immune protection from the vaccine, there will be less virus transmission. Hopefully, effective new treatments will lower deaths, and it will soon become a more manageable threat.

 

COVID is here to stay, at least for the foreseeable future. 

 

The future is always uncertain. But with the coronavirus not going away and our ever-changing societal landscape in constant turmoil, our connections with each other and our customers will continue to thrive in the digital world. 

 

A world of untapped possibilities is just around the corner. 

 

Hang on. 

 

It’s going to be a bumpy ride.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Changes happen, pandemics, Google algorithm shifts, new cyber security issues, and other variations in our physical and digital world that upend the pre-paved path. It would be nice to look into a crystal ball and predict the challenges that lie ahead in 2022. 

 

Fortunately, many experts agree that 2022 will be an excellent yet volatile year. Below are eight predictions likely to happen in 2022 and the associated small business risks. 

 

1. Financial Institutions Will Increase Spending for Innovation

 

Banks will reach double-digit spending growth on tech in 2022. The US and China are taking the lead, putting a higher demand on technology talent to fill these competitive positions.

 

Fintech, or financial technology, is used to augment a streamlined and digitized banking system. If you have ever deposited into your bank account by taking a photo of a check, you have utilized fintech software.

 

As technology has flourished, banks can keep pace or be left behind. Providing a state-of-the-art digital experience has become necessary for financial institutions to adopt. 

 

DXP, or digital experience platforms, are on the rise and succeed at meeting bank customers’ needs and lowering their transaction costs. 

 

2. AI Integration

 

South Africa granted the first patent to an artificial intelligence system this year, revolutionizing the way we think of creative machines and legally recognizing their innovations.

 

New developments in AI have set the stage for further results and future patents expected in 2022. 

 

Banks continue to implement AI to decrease backend processing and reduce fraud. However, AI integration is happening in nearly every industry. 

 

Perhaps the most significant AI achievement will presumably commence in 2022: AI-supported software development.

 

3. More Targeted, Personalized Ads

 

We have seen personalized ads increase steadily over the past decade. In 2022, targeted ads will become the norm in identifying and capturing new potential customers and clients. Companies not directly scrutinizing their customer’s buying activities will be left behind.

 

We live in an age where our data is ubiquitous. After we make a purchase, it is recorded, stored, and analyzed by hundreds of companies, all with one goal in mind: to place ads in front of you where you are more likely to act.

 

Television has historically been the top-dollar producer of advertising campaigns, and Deloitte Global predicts that TV ads will become more personalized in 2022 in a phenomenon known as “connected tv.” Much like social media has been doing for years; households can expect to see different ads based on their buying habits when watching their favorite TV shows. 

 

In 2022 alone, personalized TV ads are estimated to bring in around $7.5 billion globally, and this number is over 40 times higher than was forecast in 2012. Even though viewing hours are on the decline due to apps like Netflix, TV advertising prices continue to increase.

 

4. Time Spent with Traditional vs Digital Media Marketing

 

Over the last decade, overall media consumption has risen by 20.2%. This increase is mostly due to digital media expansion. In 2021, US adults averaged around 463 minutes of digital media per day. 

 

Digital media firms like Media Beyond are dominating the advertising space. Traditional media has been on a slow, steady decline. In 2022, traditional media will be 30% less than where it was in 2011.  

 

We are only at the beginning of media availability.

 

In 2022, the first low earth orbit satellites (LEO) will change the lives of billions of people worldwide. These satellites have an end goal of providing affordable broadband to every corner of the planet. 

 

5. Brands Competing with Marketplaces

 

E-commerce sales continue to break sales records every year. Of course, this is great news if you operate a large marketplace such as Amazon. Shopify recently disclosed a 46% increase in sales between 2020 and 2021. 

 

However, for small boutique retailers, using a marketplace to sell items can be a love/hate relationship.

 

In the past, it was a vendor’s dream to partner and sell their merchandise with a large marketplace under the expectation that sales would increase dramatically. Due to tight profit margins and lack of customer interaction, smaller brands will turn the tables on these large enterprises. 

 

By implementing global order management software, brands have discovered they can do a lot of the heavy lifting themselves while enhancing direct relationships with their customers.

 

Small companies can implement order management, conversion rates, subscription billing, and inventory control. These smaller brands are empowered to have a voice in today’s E-commerce world. Thus, these brands can retain their profit margins while expanding and growing their business the way they want. 

 

6. Heightened Security Attacks

 

We have already seen how cryptocurrencies attract cyber-attacks. But this is just one example of internet security flaws that have recently fallen victim to attacks. 

 

In 2020, 27.8% of companies reported 20+ supply chain disruptions, an enormous increase from 4.8% in 2019. Firms are now trying to make their supply chains more resilient by changing their course from offense to defense. 

 

Implementing third-party tools to prevent security breaches also means more security attacks are likely. Small businesses can coordinate their safeguards by employing tools to help with risk assessment, supply chain mapping, and real-time business intelligence. 

 

In addition to small business security breaches increases, consumers are also victims of identity and data breaches. 

 

With Facebook whistleblowers and Google’s decrease in security and privacy, customers now think twice about willingly sharing their data.

 

7. Sustainability

 

Understanding the value of sustainability is more prominent within the public sector. Europe is leading the environmental initiative, and many other countries are close behind.

 

There is an increase in awareness of the importance of sustainability perceived by job-seekers, investors, and consumers alike. This trend puts pressure on companies to increase their transparency with regard to their environmental friendliness.

 

The 2021 IPCC Report from the UN clarifies the critical need for immediate and drastic climate action. Numerous reports of this nature combined with public pressures have made many organizations flip their climate and sustainability stance. 

 

8. COVID Is Not Going Away

 

“When is the COVID-19 pandemic going to end?” “When will things get back to normal?”

 

These questions have plagued us for almost two years now. For a while, they became so common that many of us have stopped asking them. It is easier to accept the big takeaway that we now live in the new normal.

 

Fortune has predicted that by 2022, COVID-19 will become endemic. Meaning the pandemic will not end with the virus disappearing altogether. However, as enough people gain immune protection from the vaccine, there will be less virus transmission. Hopefully, effective new treatments will lower deaths, and it will soon become a more manageable threat.

 

COVID is here to stay, at least for the foreseeable future. 

 

Summary

 

The future is always uncertain. But with the coronavirus not going away and our ever-changing societal landscape in constant turmoil, our connections with each other and our customers will continue to thrive in the digital world. 

 

A world of untapped possibilities is just around the corner. 

 

Hang on. 

 

It’s going to be a bumpy ride.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.