About SproutX

Welcome to SproutX, a glimpse into the lives of Sprout Rockstars and how they make things happen with Sprout’s HR and payroll software.

Sprout is a relatively young company – it started back in 2015 when Sprout CEO and co-founder Patrick Gentry along with his wife, business partner, and co-founder Alex Gentry (née Agbayani) decided to launch a reliable HR and payroll solution for Philippine-based businesses, eliminating the need for manual processes and countless days of tedious work for HR and payroll teams.

Since then, Sprout has grown – quite literally – from a small team to over 200 employees to date. We’ve helped hundreds of businesses and tens of thousands of employees in the Philippines simplify their HR and payroll processes and have more time for more important stuff.

We’ve come up with an idea to bring to the outside world a closer look into how each member of the Sprout family contributes to the success of Sprout as a software company, and why Sprout is a great place to work for anyone whose looking to make an impact in the country. That idea turned out to become SproutX.

SproutX serves a singular purpose of telling stories behind the people who drive Sprout’s powerful software, and how the rich tapestry of these individuals – collectively known as Rockstars – contribute to the one-of-a-kind culture that Sprout is known for. It’s not just a representation of Sprout as a brand, but as a symbol of the unique working culture that every Sprout Rockstar is proud of.

SproutX aims to bring lighthearted content to our loyal blog readers, social media followers and subscribers, with the ultimate goal of showing how we come together as a family and how we make things happen while having fun while we’re at it. We hope that SproutX fulfills its promise of bringing the latest scoop on what’s happening inside the Sprout HQ and telling the story of every Rockstar in more ways than one.

See you around!

The post About SproutX appeared first on Sprout.

source https://sprout.ph/blog/sproutx/

Starting a Business With a Small Budget

Are you planning to put up a business but don’t have enough cash on hand? There are a lot of successful businesses out there that had limited financial resources at first. Even if you’re short on capital, you can still make the most out of what you have. Here are helpful tips on how to start your own business with a small budget.

Work from home

Office space lease ranks at the top of business expenses. You’ll save a lot of money if you can forego this expense. Larger businesses can benefit from office space leases, but it’s the complete opposite for small businesses. Run an online business? You can run your business with a reliable internet connection, sans the overhead costs of renting out a space.

It also helps to check with your local government about existing rules on running a home-based business. This lets you avoid possible headaches down the line.

Be a sole proprietor

Being a sole proprietor means you can launch your business much easier than setting up a corporation. Sole proprietorship businesses are owned by an individual and have no legal identity apart from that individual.

There is a time to incorporate your business, but that is when it is already big enough. One advantage of a corporation is that when it accrues debts, you will be protected from the debt because the corporation is legally a separate entity. Corporations are also eligible for certain tax benefits.

Avoid buying new equipment

Buying new equipment can take a toll on your limited business budget. Take advantage of what you currently have. You can even get tax perks by repurposing your personal assets into business assets.

Choose a business that does not require office space or very expensive equipment. Such a business will already be able to generate revenue immediately or in the short run.

For essential equipment, consider buying secondhand equipment instead. Upgrade your personal computer instead of buying a new one. Having a scanner may be nice for your home office, but if you do not need to scan documents regularly, the money for this may be put to better use elsewhere, especially for things that will help generate more income immediately.

Buy wholesale and find partners

When you start purchasing the products you will be selling, find vendors who are willing to help you start successfully; many of them can draft a budget plan that suits your capabilities. You can find such vendors in trade shows and online.

Furthermore, you would do well to buy from wholesalers or distributors. Their prices and payment plans will help you save. Search for distributors and wholesalers and talk extensively with their sales representatives on how they can help you. Find the best vendor that will best assist you in saving on capital.

Plan well

Set your goals and plan carefully. Compare your resources with the amount you need to invest. Consider getting loans if necessary, although banks usually have very high loan interest rates, and will quickly eat up your capital before you can even take off. Consider borrowing from family and friends, who may allow minimal interest.

Develop a realistic budget for revenues and expenses for at least the first year, as well as contingency plans should your expectations fail to materialize. Such plans may include cost-cutting or adjusting your timetable for target goals and expected returns.

Ask your sources for term payment schemes of a month or even longer, so that you can have more cash on-hand. Avoid paying cash as much as possible.

Minimize on-hand inventory

If possible, minimize or eliminate buying your products. This entails a lot of capital which can leave you cash-strapped. Make a way to drop ship your product directly from your source to the buyer, paying only for it once it is shipped. In addition, require your customer to pay you first so that you are more liquid and can pay your source immediately.

Choose consignment

Selling products on a consignment scheme will be advantageous to you because you will not have to pay for stocks that are not yet purchased. This reduces your need to invest money in your products, because you only pay for those that have already been bought. Consignment, however, may be disadvantageous if you will receive a reduced commission, instead of the standard rates. This is the trade-off of not having to pay for your stocks.

Lessen the workforce

If it is possible for you to do most of the work in the business, then do so. Hiring employees is a huge addition to your overhead costs. However, you should hire people if necessary, especially for tasks that you do not have any expertise in. Doing jobs that you are not suited to may result in serious mistakes that may harm your business more than help it.

You may also consider outsourcing independent contractors for specific jobs instead of hiring full time workers. Regular employees means extra paperwork, taxes, and more expenses.

Final thoughts

Starting a business on a small budget may be challenging, but it is possible. You can succeed with very little capital by minimizing costs on overhead and non-essential assets; getting paid immediately; becoming financially savvy; knowing where and how to save; eliminating high inventory and labor costs; and planning thoroughly.

The post Starting a Business With a Small Budget appeared first on Sprout.

source https://sprout.ph/blog/starting-business-small-budget/

Why Being Simple is Key to Startup Success

If you are launching a startup, you should understand that there is only a ten percent chance that you will succeed. One of the reasons why 90 percent of startups fail is that they have tried to be many things to many people. Perhaps they are not aware or have simply ignored the concept of KISS (Keep It Simple Stupid).

Why Keeping It Simple Is Important

It goes to say that, if you want your start up business to succeed, you should simplify everything at the start. Keeping everything simple will allow you to concentrate on your goals. You will also have a few things to worry about.

If something happens that seems to scuttle your efforts, you will be able to isolate the cause of the problem and solve it easily and not let it hamper the speed by which your business will take off. You will not have this luxury if you have many things going on simultaneously in your startup.

Don’t Follow This Example

Early on, you should understand the things that you must absolutely avoid. Don’t try to do many things at the same time. For instance, a company which seeks funding for its startup listed many things that it says it will do to convince the financiers to provide its needed capital.

The startup company claimed that it has the capacity to engage in the following business niches:

• • ad sales network
  • app and software development
  • human resource management
  • consumer brand marketing

As you can see, these market niches are themselves wide and varied. The startup entrepreneur will be spreading himself too thin in all these varied business niches. He is trying to be many things to many people. As his concentration suffers – so will his business.

Here’s An Important Thing That You Need to Understand

In business, you need to be specific and detailed. For instance, B2B marketing is entirely different to B2C marketing. Many business pundits believe that B2B is more about getting the sales, while B2C is more on promoting and marketing your products or services.

In the way that their businesses are run or operated, some B2Bs are even different from other B2Bs. Take for example a B2B technology business and a B2B services company. The B2B tech company is driven by software coding while the B2B services company is more human driven.   

As you can see, these differences even in B2Bs will make things complicated for a startup entrepreneur, if he tries to eat more than he can chew. The need to be simple is really a key to your startup success.

What You Should Do

The best thing to do is for you to assess your present situation. Look at your strengths and your weakness. This will be a good time for you to emphasize your strengths and to downplay your weaknesses.

It is only logical for you to engage in a business where you can take advantage of your strengths. Don’t try to involve yourself in a business just because it has the potential of earning big money.

But suppose you have already involved yourself in a particular market niche. For sure, this market niche is already populated with many competitors. What you need to do is to try to find out the aspect of the business that you can use to distinguish yourself from your competitors.

Let’s take the example of a furniture maker. In any community, there are lots of furniture makers that can supply the needs of homeowners, business owners, restaurants, and the rest of the public.

One way to differentiate your startup company from your rivals is to offer something that the others are not offering. This is where your due diligence comes in. You really have to find out what it is that will make you stand out from your competitors.

Once you discover that thing, make a big splash out of it. Attach that thing to your brand and always repeat it until your market or your customers get the clue. Once this particular thing is established in their minds, it will be as if you are the sole owner of it.

The Next Thing to Do: Develop a Simple Startup Business Plan

Even if you are just a startup, you still need to develop a business plan. The one thing that will direct your planning is the word SIMPLE. Your business plan is like a roadmap. It will help you make decisions, move forward and help you reach your business goals.

Try to develop a simple business plan. That doesn’t mean that you’ll always stay simple. You can elaborate on your business plan as you achieve success in your initial goals. You will need this plan especially if you will ask help from financial institutions to fund your projects.

There is such a thing called Lean Business Planning system. This will help you formulate your plan without straying away too much from your idea of being simple and lean at the start. This plan should help you define what you want from your startup business, what your customer wants, and how you can optimize your business.

You will also need to design a simple expense and sales forecast. If you have an accounting background, you can also include a profit and loss projection. Don’t forget the initial stage of your business plan which is the pitch or your Mission Statement.

This MS should define the solutions you are providing that will solve the problems of your target market. You could only arrive at this solution after you have done a decent market analysis. You have to first analyze your market so that you can better understand your market and its needs.

Conclusion

Keeping it simple at the early stages of your startup will enable you to flex your wings as you achieve your initial objectives. In this regard, picking just one business strategy which is the most lucrative for you to pursue, will also help you succeed. By keeping it simple, you may be able to join the ranks of the 10 percent startups that were able to succeed in business.

The post Why Being Simple is Key to Startup Success appeared first on Sprout.

source https://sprout.ph/blog/simple-key-startup-success/

How to Tell an Employee About His Work Performance

Many people find it hard to tell someone about the way they do things – whether it’s in or out of work. As a business owner, a manager, or a team leader, you’re faced with an ethical dilemma on speaking about your employees’ performance at work. This conversation concerns everyone in the workplace and must be openly discussed, no matter how taboo it gets. The only way to arrive with a working solution is by talking it through with your employee.

If you’re unsure where or how to strike a conversation with an employee about his work performance, you’ve come to the right place. Here’s how you can break the ice and start helping your team improve upon their work.

Ask how they’re doing

Ask the concerned employee on their own impression of their work performance. This overall assessment could help you construct your next move on opening up about the employee’s goals. By asking how your employee thinks about his performance, you’ll be able to develop a strategy on how to illustrate how your views differ from his, in a way that neither discriminates nor offends.

In most cases you’ll find out that your employee shares the same mindset as yours, but there are times when there’s a partial or a total misalignment. In this case you’ll need to point out specific areas of their work where they are underperforming at.

Point out non-negotiable expectations

After establishing your employee’s desire to improve upon his work performance, go ahead and point out non-negotiable expectations. A detailed list of the things that he needs to work on would be helpful. This should also include your desired goals.

Key performance indicators (KPIs) are helpful in measuring progress on your employee’s work. Discuss how his current metrics are failing, and emphasize the things he should do to reverse the downtrend and regain his confidence in his work.

Collaborate with your employee towards his goals

Employees tend to perform best when they do the things they like or those aligned with their personal goals. But if they have a hard time trying to accomplish tasks on their own, it’s time for you to step in.

Don’t just step in simply because you can – ask questions instead of giving them directions. Collaborate with your employee towards his goals to increase his motivation to accomplish them. Employees will appreciate your help even more if you guide them through asking the right questions. Simply put, there’s no room for being intrusive.

Describe specific behaviors

You’ll be able to target his pain points and how he can improve by being specific about the ways your employee does his assigned tasks. Make sure to describe detailed real-life examples of scenarios wherein the employee has failed to meet the expected deliverables.

Being vague doesn’t answer the question “why did he fail doing this task”. Be specific as much as possible to help the employee develop a mental picture of the failure, and have a resolution plan moving forward.

Construct a common plan

Once you’ve done all the steps above, it’s time to make sure that you and your employee are on the same page. Make sure to ask your employee on how he wants to deal with his work performance going forward. By doing so you can easily identify pitfalls so you can help him achieve his improvements faster and easier.

A concrete timeline of events should also be established. This would serve as the primary metric against how the employee fared in his improvement journey. Be open about the outcomes that the employee must anticipate should his plan succeeds or fails.

Final thoughts

Every employee appreciates a boss who cares about his work performance, especially if they collaborate towards achieving common goals. They say that it takes two to tango – you and your employee can resolve productivity issues by working together. Sit down with your employee and give ample time to construct a solid performance improvement program.

The post How to Tell an Employee About His Work Performance appeared first on Sprout.

source https://sprout.ph/blog/employee-work-performance-goals/

7 Ways to Grow Your Small Business On A Budget

As a small business owner, it is hard to risk and invest your money in expensive marketing and business strategies. You will want to cut costs and save money as much as possible and handle your finances well. It is simply sound fiscal wisdom to look for alternatives and options to grow your business.

Know how to attract and retain customers, build brand awareness, and grow your business network on a budget. Here are 8 of the cheapest ways to grow your small business.

Build solid relationships with your suppliers

Your suppliers might not be on your payroll, but they can help you with some things without any charge, especially if you are taking care of them. They also play a big role in your small business; hence, your relationship with them is very important. Treat your suppliers like how you treat your customers. Show them that you are responsible and worthy of their trust. Having a strong business relationship with your suppliers can only benefit your business in the long run. Your suppliers may even provide you with discounts on some items so you can save your extra funds for something else.

Take advantage of free speaking engagements

The more aware people are about your business, the more they will come to you. Use free speaking engagements to tell people about your brand. The time you will spend on public speaking converts to an increase in brand awareness and influence. You will meet a lot of people who may be interested in your products or will recommend your business to their friends. Speaking in public is not a waste of time so take advantage of every opportunity and be confident in the value you can give to your audience.

Invest in smart business apps

There are lots of business apps that can help you with your daily tasks such as accounting, payroll runs, and email marketing. These apps are very user-friendly and are designed for everyone. Most small business apps can be availed with a minimal subscription fee, and some apps even let you use their services for free.

Connect with small business groups or communities

Join a group of small business owners in your community. Networking with like-minded people will not only motivate and inspire you, but it will also give you opportunities to develop ideas on how you can manage your business better. You can share leads, insights, and resources and help each other grow while learning and having fun together. Remember that growing your network and keeping the right people will help you promote your business easily and more consistently.

Team up with a charity

Engaging with charities and local organizations can boost your brand image. This also allows you to meet more people who can be potential customers. Although it may cost you a little, helping a local cause will earn respect and admiration from the people in your community, especially your customers. If you do not have enough funds to make cash donations, you can volunteer your time and professional services or perhaps hold a charity event for them.

Get personal with your customers

The best way to retain customers is to create a personal relationship with them. Try to get to know them, including their profession, personal interests, and hobbies as this information will help you in addressing their needs more. Show your appreciation when they buy products from you. Send handwritten thank you cards to personally thank them for patronizing your business. These are examples of how you can engage your customers on a personal level. Always take time to talk to or engage with your customers and ask them for feedback as it will help in improving your products and services more.

Be active on social media

One of the easiest, cost-effective, and proven ways to engage your customers is social media. Publish engaging content on different social media sites like Facebook, Instagram, Twitter, and YouTube. Because millions of people are active daily on these sites, you can widen your reach and attract more customers. Find out which sites give you the most engagement and conversions and be consistently active on them.

Final thoughts

Just because your business is small does not mean it will take you forever to see it grow. Even with a bootstrap budget, you can grow your small business as long as you have the passion, commitment, and patience to explore different business growth strategies.

The post 7 Ways to Grow Your Small Business On A Budget appeared first on Sprout.

source https://sprout.ph/blog/grow-small-business-budget/

How to Promote Your Product as a Small Business

Now that you went through the initial challenges of starting a small business, there’s still a lot to do. A major hurdle is marketing or promoting what you sell.

Fortunately, there are a number of ways and tools to make your marketing efforts a breeze. Here are several ways that you can take advantage of.

Set up a website

A website is your customer’s window to your products. It also serves a range of purposes – from putting your product photos to being a reliable information source and even as a lead generation tool.

Do you find it hard to create your very own website? Consider third party services that offer page templates and pre-made website designs. These webpage services also makes it easy to create your own website without learning how to code. Treat a website as an investment – aside from time and cost savings, you’ll also benefit from increased brand recognition and awareness within your target market.

Use search engines as a directory

Remember white pages and yellow pages, where telephone numbers of households and businesses are listed? Search engines do the same thing, but the difference is in the details. Search engines like Google, Yahoo, Bing, and others let you register your business name and contact information (address, store hours, number, email address) so people can look for it online. They usually don’t charge any fees for listing your business, and once registered you’ll see a remarkable increase in sales and brand awareness.

Tap the power of email

With the right content and timing, email blasts and digital newsletters can help engage your target market and convert them into paying customers. There are many ways to gather email addresses, including surveys and mailer subscriptions. Start organizing these email addresses, create compelling content, and blast your message away. There are tools online that help you do these tasks in a few clicks, so you can jumpstart your email marketing campaigns in no time.

Build your social media presence

Social media is a revolutionary way to connect, engage, and tap into your customers’ potential to be loyal to your business. Its power and reach makes it a solid tool for promoting products and services online.

The key to a successful social media campaign is compelling content. Make sure to push them regularly so your audience knows what you’re selling and why they should avail it.

Run contests or raffle promotions

People love joining contests or raffle promotions, which is why you should launch such campaigns to market your products better. Encourage people to join a giveaway on social media, where they can pick their own prize from your catalog.

When people like your promotions, they’ll share it to their friends and family. Word-of-mouth is enough to drive your brand awareness.

Host frequent events

Get involved with your community while getting creative with your promotion strategies. Hosting local community events lets you see your customers in person, which gives you more insights into their needs and wants. Events also open up many opportunities for your business, such as tie-ups and long-term brand partnerships.

The post How to Promote Your Product as a Small Business appeared first on Sprout.

source https://sprout.ph/blog/promote-product-small-business/

Sales Growth Strategies for Small Businesses

It may seem that an ounce of passion is enough to make your small business grow and succeed. But in reality, it takes more than that to thrive in the area of sales and marketing.

Many challenges hound business owners who are aiming for growth. The process of testing different marketing strategies is one of them. When you are competing against bigger, more established businesses with bigger marketing budgets, this could be a real deal-breaker.

As a small business owner, there’s no reason to be afraid of not making any sales. Here are some growth strategies to help you stay on top of your small enterprise.

Invest time and passion in your products

A quality product is the first element of marketing. Don’t attempt to launch a product or service that would disappoint people. Dedicate your time and effort in creating high-quality products that will keep your customers coming back.

Know your customers

Prioritize researching your target market to ensure that you can produce the right products or services. Pay attention to what your customers really need by identifying their problems and creating solutions.

Keep in mind that money alone cannot be an enough reason for your business to succeed. Bringing real solutions for them not only brings you greater profits, but also helps you gain a good reputation.

Set your prices right

Price is another crucial factor in marketing. Make sure that your prices agree with your target market’s level if you want to boost sales.

Always follow regulations on the pricing of commodities. This ensures that you are doing business lawfully.

Stimulate repeat sales tactics

While constantly generating and converting new customers should be a top priority, always think of strategies to keep existing customers. Business relationships founded on trust is easier to achieve with those who have already done business with you.

One way of gaining repeat business is by encouraging your customers to join your email list. This keeps them in the loop for updates on your products, encouraging them to do business with you again. You can also offer perks for your existing customers, such as offering freebies or discounts.

Take advantage of modern technology

The rapid development of tech innovations can be intimidating, but it really does make everything easier for your business. Try automating your internal processes such as payroll and admin tasks through smart software.

Perform a website audit

If you run an online business, ensure that it’s easy for customers to buy your products. Do a quick audit of your online business by asking these questions.

• • Is my website designed to convert leads into paying customers?
  • Does my site indicate future sales performance?
  • Are my product descriptions accurate and updated?

These questions can help you build a strong online presence. Act on your customers’ perspective and walk through your website experience. Remember that you don’t need to have a fancy website. Make your site visually appealing and easy to use to drive action towards your sales goals.

Be a reliable industry pillar

Social media platforms can be a great way for you to make your industry expertise known. Use them to publish, share, and repost articles on topics related to your business. Consider sending out email newsletters with relevant business advice. Your audience will begin relying on you for your insight if you do these.

Improve your customer service

Apart from offering high-quality products or services, make great customer service a priority. Train your employees to greet and warmly welcome your customers to create a sense of customer appreciation. Simple practices like these significantly boosts your business and helps drive customer loyalty.

Be easily accessible offline

Successful marketing not only lives online but in a physical setting as well. A physical location, such as a store or office, helps you connect personally with people.

Make your business available offline by handing out business cards. People still appreciate giving out and getting physical business cards. Who knows, you could make connections this way that could open up doors to future opportunities.

Final thoughts

While there are various strategies that can help you increase your sales and attain significant business growth, keep in mind that generating profit heavily depends on different factors. Because there is no single way to create robust sales, you’ll have to find the right marketing mix that works best for your company.

Consider making smart investments in people, systems, and tools that can assist you with your business sales journey. Experiment constantly, review your insights, and listen to your customers.

The post Sales Growth Strategies for Small Businesses appeared first on Sprout.

source https://sprout.ph/blog/sales-growth-strategies-small-businesses/

Formulating a Business Plan: What Should I Do?

Are you starting up a small business? You’ll need a detailed business plan to help you set your goals. Having an effective business plan will also help you get everyone involved to be on the same page while you are working through the feasibility of your small business.

While there are no hard and fast rules to creating a small business plan, there are some essential steps to be taken. In forming your business plan, put your ideas on paper and follow these simple steps.

Write an executive summary

Before you go into the specific details for your business plan, write an executive summary where you will give a brief insight into your line of business, goals, and potential. In this section, explain what your company is, where it will be located, what you are going to sell and who you will sell it to. Also, identify your business structures, its owner, your past experiences, and the products or services you’re going to offer. Your market analysis and financial considerations should also be explained. This is the first part your audience will be exposed to, so make it engaging and interesting.

Create your company description

You need to write your company description. Take this chance to provide a summary of your mission statement, and business structure. The company description should provide more details about the business owner and the business location, your target marketplace, and the advantages of your products or services. You’ll also need to describe your main customers and how you plan to succeed as a startup.

Study market conditions

One of the questions you need to answer is whether your business has a place in the market. Your target market will definitely dictate if your business is going to be successful or not. Be specific about your target market and identify their details such as age, location, needs, and preferences.

You will also need to add a competitive analysis that provides information on your immediate competitors. This will give you a hint on how your business can gain market share by taking advantage of your competitor’s weaknesses.

Describe your product or service

This is where you can share the details about your products or services and how they can benefit your customers. If you are not able to articulate how your business can help your customers, your business idea may not be a great one.

In this section, describe the problem you are trying to solve and how you plan to solve it using your product or service. Next, describe the competitive landscape and identify the companies that provide the same solution in your area of business. Express for your target audience what sets your business apart from your competitors.

Outline your business structure

This section focuses on your business’s distinctive organization and management structures. Talk about who handles a specific task and how the responsibilities will be assigned to each team or each person. Highlight your relevant experiences in the industry as well as your team members’. If you have a track record of small business success, then you should give emphasis to that. You may also include an organization chart or a short bio of each team member.

Design a marketing strategy

Plan a comprehensive marketing and sales strategy that you are going to use to sell your products and services. You can achieve this by asking yourself these questions:

• • How do you intend to penetrate the market?
  • What’s your master plan in growing your business?
  • How are you going to distribute your products?
  • What’s your main communication platform between you and your customers?

Be clear about your marketing and sales strategies and provide specific options.

Create a financial plan

Of course, you’ll need a financial plan so you can manage your finances well. Outline your financial model, including your start-up costs and financial profit projections. List all the resources you need and how much they will cost, such as office space, computers, and phones. Be honest about your estimates so you will know your exact start-up cost.

If you want to convince investors, you have to make sure your financial model is clear, accurate and feasible. 

Make a funding request

In order to secure funding, you need to make a funding request. State how much money you need to start your small business and maintain its initial operations. Provide a summary of how you plan to use your start-up capital. Also, give a timeline or a deadline for your funding request.

To support your funding request, provide financial statements and projected cash flows for the next 5 to 6 years or until your small business becomes stable.

Include an appendix for more information

Close out your business plan with an appendix where you can provide additional information about your business, such as financial statements, permits and licenses, and other legal documents. You should also elaborate risk factors clearly and indicate that you are well-prepared for these risks. That extra bit of information helps reassure potential clients and investors of the profitability of your company.

Why should you make your own business plan

Every business starts with a plan and if you follow it throughout your venture, you will have a clearer direction for your business and eventually achieve the intended success.  Now, if you have small business ideas in mind, then get your pen and paper ready to form a business plan and start putting your thoughts into reality.

The post Formulating a Business Plan: What Should I Do? appeared first on Sprout.

source https://sprout.ph/blog/formulate-small-business-plan/

Why Branding Is Important to Your Business Growth

Your business needs to have its own identity – something that your target customers will easily identify as a brand. When done right, branding can propel your business to greater heights of success. Even small businesses can benefit from branding, yielding a similar benefit often seen in bigger businesses.

But how can good branding help you achieve your business goals? Aside from setting goals for your small business, you should also pay attention to branding so that your business can enjoy these benefits.

Competitive advantage

Successful branding will help your business become more recognizable. The more familiar the people are with your brand, the more they will trust you and choose you over the competition. You and your competitors may be selling the same products, but your established brand would stand out more. Turn your name into something familiar and trustworthy, since people tend to remember brands they are assured with. This will keep them coming back for your product or service.

Your brand’s reputation will be viewed as the same for your entire business. Think of your favorite restaurant: you’d recall it by its name, its signature dishes, and the level of service it’s known for.

Your visibility as a leading brand will also ensure that potential customers will know what your actual goals are. Once they see that you have similar goals, it would not be hard to convince them to go onboard with you and become one of your loyal patrons.

More referrals

Word-of-mouth can become one of your most effective tools in promoting your products. It’s an effective brand strategy as people who have come to love and trust you becomes your brand ambassadors.

Even if you’re a small business, you can make it easier for your customers to refer your brand once you have a detailed identity. Make sure to focus on one thing you do best and put it at the core of your brand campaign.

More specific target customers

Through branding, you can be more specific about your brand name, colors and the font used in your logo. But its work does not stop there. You can also use that brand to determine who your target clients should be and avoid wasting resources on promotions with a broad scope and an unclear target audience. With a specific niche in mind, you’d know that your business can provide for your target customers’ needs, reduce the risk of getting uninterested customers, and increase chances of getting repeat work and referrals.

Clearer market positioning

With good branding comes accurate market positioning against the most common competitors in your line of business. Branding helps you zero in on the right target market since you already know exactly what you can offer and who needs that offer. This also means that you can specifically identify who your real competitors are. This will help inform you on how to change your promotional tactics and position yourself better against your true competition.

Better marketing

Armed with the confidence of knowing your brand as a business, your employees can use that improved understanding of your identity to find the right potential projects or clients. They will know how to talk about your business to people in person, online, or over the phone. This also means that all efforts to promote your small enterprise will be more consistent, thanks to clearer brand identity.

If this continues, the overall employee performance will improve, which also means a better bottom line for your business. This will help you, and all of your employees, prepare for the growth of your small business.

Increased visibility

Branding helps your business to become more visible both offline and online. Coupled with a strategic approach to your usual marketing tactics, it would be easier to engage your potential customers, earn their trust and loyalty, and improve your relationship with them, cultivating it in the years to come. Take advantage of social media to promote your brand.

Does my small business need branding?

Definitely! Branding isn’t exclusive to big enterprises. Your small business needs its own branding because it shapes the impression that people have about your products or services. That impression should tell customers what makes your business different from the competition and build you up in a positive light.

What makes up your brand is your business name, the feedback from your customers, and your relationship with your suppliers. Branding can help reach your business goals by shaping the impression and reputation that the people have of you as a small business.

The post Why Branding Is Important to Your Business Growth appeared first on Sprout.

source https://sprout.ph/blog/branding-business-growth/

Best Apps for Internal Business Communications

Proper and reliable communication is the grease that keeps the wheels of a business going. Without it, the collaboration that enables the smooth working of a business will not be possible. If you want to achieve your goals as an organization, you need to use the right communication tools. That is something that the Internet-driven world has plenty to offer. With the influx of applications for computers, smartphones, and other mobile devices available in the market, you can choose the best communication platform that suits the level of productivity, efficiency, and results that you are looking for.

You do not need to rely solely on your intranet system to facilitate internal communication in the hopes of fueling your business’ growth. The good news is that you do not have to invest in extremely expensive systems, especially if you are a startup business or a small organization trying to find your footing in your chosen industry. There are apps that work best for organizations that prefer more emails, while others work better for those that respond more comfortably to instant messaging, and there are apps for those that like discussing things over phone calls. You can even use a combination of the following apps to ensure better productivity and improved collaboration.

Slack

What started out as a communication tool used within a small game development company, Slack has grown into an internal communication superstar of its own over the year from its launch in 2013. It has proven itself to be a great tool for collaboration and project management as it allows users to create different chat rooms for different projects, topics, or teams, without forgetting the beauty of the privacy provided by direct messaging. It also enables users to upload, send, and download a wide range of files, as well as making it easy to search for those files and snippets of your conversations. Slack can be used on devices operating on iOS, Window, or Android. It can also be accessed through the web.

Basecamp

Small organizations aiming for growth with improved communication from within can definitely make the most out of Basecamp. It allows file sharing even from the members of different teams or departments within the organization. It also makes project management easier for the team leaders, not to mention ensure the happiness rating of your client. Basecamp effectively does away with the hassle of checking through a mountain of emails and email chains with the help of its discussion boards that can be focused on a single subject. For better monitoring of to-do and accomplished tasks, the app also boasts of a to-do list and task management feature.

Campfire

For business communications that need an extra layer of protection aside from the passwords used in the computers and mobile devices involved, Campfire offers exactly that through password-protected group chats. The paid versions even come with an SSL security, the same level of security used by online banks.

It even works on any chat network. Even if you are running a small business without an IT department of your own, you can still manage Campfire because it is easy to use and works on the web, eliminating any need to download, install, or configure any of its features.

Wrike

If you want to be able to monitor your ongoing projects and make sure that you are not behind your business goals while also connecting better with your employees, Wrike is the way to go. This platform makes it easy by using a simple interface and process. For instance, “@-message” will do on any of the task pages or activity streams involved.

Redbooth

This is another task management tool like Wrike, with its own built-in software for exchanging messages. While you are distributing tasks to your team members, you can also reach out to them using the same Redbooth window to discuss more about those tasks. It allows HD video calls and the sharing of files, text documents, reports, and charts. This is better than having to move to another communication tool separate from your project management tool.

Skype Business

Beyond the personal contacts that you have on Skype, you can also use it for business communications. It features instant messaging for individual users to connect with each other and allowing them to get almost instant responses to their questions and need for clarification as well. It also works for conferences during important meetings as well as file sharing. Since it is a pretty popular app, there is almost no need to wait for employees to be familiar with how it works. Skype Business is integrated with Microsoft Office apps, scheduling in Outlook, posting online meetings, and a few other features.

Bitrix24

If your team loves video chats and group chats, Bitrix24 would be a good fit for your internal team communication needs. It also operates its own cloud, allows document management, has a CRM system, and even helps users create plans. It features a calendar, human resource bits, email, and more. What’s more, is that you can pick which specific features you want in your communication tool that will prove useful in your pursuit of growth for your small business.

Fuze

For clearer video conferencing, Fuze offers HD video calls. It is a great choice as reliable internal communication tool because it can integrate with Google Calendar, Microsoft Outlook, Box, and other apps that make project monitoring and connecting with the clients and team members very easy.

These are only a few of the best apps that you can make full use of if you want to maintain good internal communication and reap its benefits, such as keeping everyone in the business well-informed, developing your organization’s culture, engaging your employees, and keeping people calm during a crisis, while also providing everyone with an outlet for discussion and feedback. Make the most out of these apps and use them to fuel every step you take towards the growth of your small organization.

The post Best Apps for Internal Business Communications appeared first on Sprout.

source https://sprout.ph/blog/best-apps-internal-business-communications/