Full Article
US Election 2016: How the Result Will Affect Canadian Businesses
General analysis of the two U.S. presidential candidates shows Hillary Clinton to be a realist, but with strong “left of center” support she will be forced to lean left. Donald Trump has a strong conservative approach but will find it more difficult than expected to move the needle drastically to the right.
However, the upcoming election is not merely about one person. Other big issues to watch are:
• Congressional races, where future legislation is enacted, stalled, or scrapped completely, and
• The impact on the Supreme Court, which could last for decades.
The U.S. elections can have a big influence on four areas in Canada:
• The housing market. A Trump victory might cause a spike in prices, according to some, while a Clinton presidency could mean a slowdown in price increases.
• The loonie-to-USD exchange rate. If the market reads the outcome as negative, the dollar could weaken – bad for Canadian exports.
• Immigration. It’s unclear how immigrant-owned businesses might be affected, particularly by a Trump win.
• The long-suffering Canadian oil industry. A Trump presidency could revitalize the Keystone XL oil pipeline deal, reversing some job losses, while a Clinton term is more likely to support the status quo.
Retail Forecast 2017: Confident Shoppers, Growing Sales
For retailers, 2017 promises to be a good year. Consumers are expected to have more spendable money over the coming 12 months, thanks to anticipated increases in employment and wages. And major drivers of the economy – such as business investment and housing construction – are expected to continue their modest growth.
The fortunes of retailers depend on a growing economy and for the next 12 months, economists expect a vigorous increase in the Gross Domestic Product. For 2017, Moody’s expects GDP to grow 2.9 percent. That’s a healthy increase from the 1.6 percent growth expected when 2016 numbers are finally tallied.
Another area contributing to growth will be the housing market. Although starts are expected to be down somewhat from the previous two years, an easing in the credit market will help buyers and those new households will have to be furnished with lots of consumer goods.
But while a good year is expected for retailers, they must also address the challenges of rising labor costs and moderation in the number of consumer shopping trips. The cost of personnel and rents are continuing to increase and productivity improvement has been fairly flat. Further, deflation caused by lower energy prices and a strong dollar could dampen profits as they have done in 2016.
You can’t make more sales if fewer shoppers are coming through your doors.
With more people shopping online, even businesses that don’t compete directly with Internet sellers are seeing customer counts go down.
Is your traffic down? Unfortunately, most retailers are unable to answer that question accurately because only 10 to 15 percent are using traffic counters. If you aren’t, the first step to solving this problem is to start counting.
Then you need to examine your marketing and understand what drives traffic to your store, perhaps improving your social media activity or sending out frequent newsletters.
In the full article online, you'll find deep information on the pressures that are upcoming and the strategies you can put in place to buffer your business from economic winds while discovering new ideas for turning a good economy into a great one.
Avoid Costly Penalties for Overtime Violations: New Regulations Raise Stakes
More people than ever are qualifying for overtime, thanks to new rules from the U.S. Department of Labor. If you’re like most employers, you’re experiencing a surge in your “nonexempt” workforce and payroll. Moreover, you may find it difficult to decide who is exempt from overtime.
The DOL rules escalate the risk of making employee classification errors. The qualifying salary floor for “exempt” employees was raised to $913 per week. Employees paid less, must be classified as “nonexempt” and be paid time-and-a-half when working more than 40 hours per week. Individuals paid more than $913 weekly are exempt from overtime – maybe.
What should you do? First, determine if your business is covered by the law. Here’s the rule: The law covers any business that generates over $500,000 in annual gross revenue and is engaged in interstate commerce. But things get complicated fast. For example, even having credit cards processed in another state could qualify as interstate commerce.
Further, the $500,000 revenue limit may not save a very small store from the new rules. A business that does not generate $500,000 in annual revenues can still be subject on a “per employee” basis.
It’s Happy Holiday Time for Small Businesses: This Year, Make It Count!
It’s that time of year when the public begins shopping as if their lives depend on it. Whether you’re B2B or B2C, you can benefit from this energy and spirit. Here’s why:
- People are in a spending mood,
- Everyone has money, and
- Customers have time to shop.
With just a little work, you can use these facts to your advantage. Try these ideas:
- Create a “Christmas Rush” of your own. Offer a limited-time promotion, hold an event, send gifts to loyal customers, and merchandise with a holiday theme.
- Offer relevant content. Combine your regular messaging with a festive message. That boosts the power of your content marketing.
- Do seasonal SEO. Customize your keyword selection for the holidays to help bring you prospects you might never have otherwise.
- Check your inventory. Be sure you have enough stock on hand to last throughout the season.
- Satisfy your staff. Reward and recognize top talent and take time to relax as a team.
- Gather intel. Keep good records of what works and what doesn’t that you can use for future holiday planning.
The One Law You Should Break...
It'll Change Your Life for the Better!
The Law of Entropy states that all systems, if left unattended, run down. Unless new energy is provided, each organism deteriorates. What does this mean when applied to individuals, teams, relationships, organizations, and associations?
If these are left unattended, no new energy is provided and they will diminish.
In business, if we assume that our systems, relationships, operations, sales, and marketing can be left unattended and unrefreshed, they will break. Machines do not work without maintenance, repair, and tuning, nor will we or our companies.
Do you find that you’re asking yourself what to do to counteract personal and organizational entropy? Is there a way to make certain that your relationships with others, and with yourself, are well nurtured and thriving? Some ways to break the law of entropy include:
- Having and reviewing Goals,
- Exercising,
- Going on date nights with your significant other,
- Meditating,
- Reflective journaling, and
- Reviewing your metrics in business and your personal life.
K.W.I.N.K. – Knowing What I Now Know is a great way to stop and reassesses your life in any and all areas that will insure that you can break the Law of Entropy!
What Does the Election of Donald Trump Mean for Your Business? Change. Good or Bad? It depends on how you choose to respond
“May you live in interesting times.” – Chinese curse
People have a love-hate relationship with change. We love the idea then fear the uncertainty that change brings. These feelings abound now that the presidential election is over.
With no political track record, seemingly contradictory messages, and no feel for the eventual reactions by other political powers, it’s tough for even the experts to gauge if the Trump presidency is going to be good or bad for the economy.
Forrest Gump would certainly say "it's like a box of chocolates . You never know what you're gonna get.”
Regardless of prognostications, it will be your agility and flexibility to dodge bullets and seize new opportunities as they occur that determine if the changes are good or bad.
Are you prepared to thrive and prosper, regardless? How many of the following questions can you answer well?
- Are you anticipating possible directions the economy, tariffs, trade wars, insurance, or labor law changes could take? What will different scenarios mean to your business structure, financial needs and employees?
- Is your sales force ready to spot new opportunities with customers?
- Will your marketing team have the skill to craft and effectively deliver new messaging?
- Do you have the “bench strength” to either adapt or grow your company as new challenges and opportunities appear?
- Could you cope with a structural change to your industry?
- Have you thought through the possible outcomes of change and looked at possible futures that may devastate your business model? It's happened countless times before and will again.
- What will a change mean for those of you who plan to sell your business and retire?
- by Chris Dekle, Area Developer & Coach
Negotiation: Are you negotiating with an empty suit? - The Law of Authority
The Law of Authority says: You can only negotiate successfully with a person who has the authority to approve the terms and conditions you agree upon.
A common negotiating ploy is called an “agent without authority.” This is a person who can negotiate but is not authorized to make the final deal. No matter what is agreed upon, the agent without authority must check with someone else before confirming the terms of the agreement.
The first corollary of this law is: “You must determine in advance if the other party has the authority to make the deal.” Ask the person if he or she is authorized to act for the company or client. If not, you must be cautious about the positions you take and the concessions you offer.
The second corollary of this law is: “When dealing with someone who cannot make the final decision, you must represent yourself as being unable to make the final decision either.” Fight fire with fire. If the other person cannot make the final decision, tell him that you are in the same position. This tactic levels the playing field and increases your flexibility in the case of an unacceptable counteroffer.
- from "THE 100 ABSOLUTELY UNBREAKABLE LAWS OF BUSINESS SUCCESS" – Brian Tracy
5 Powerful Benefits That Make Facebook Advertising a Marketing Essential
Not too long ago, Google was the only game in town when it came to driving serious amounts of online traffic, but the last few years have seen a profound shift in the landscape. It is now social media that has the edge in terms of user volume.
With its 1 billion-plus user base, Facebook ads are the perfect way of grabbing a slice of the pie. Here are five reasons to add this channel to your marketing mix.
- Mobile Reach. Around three quarters of Facebook’s users access their accounts via a mobile device. This gives you a substantial mobile reach.
- Excellent Targeting Features. The amount of data that Facebook holds on its account holders is astounding. This means that Facebook ads can be targeted with extreme precision.
- Detailed Metrics. Whether you're looking for a simple overview of engagement, or want to drill down into detailed demographic information, Facebook makes it relatively simple.
- Easy Split Testing. You can easily rotate variations on an ad and compare results with Facebook’s Power Editor toolset.
- Speed and Responsiveness. The Facebook ads environment enables you to set up, launch, measure, and refine your advertising campaigns with ease.
Looking for smarter ways to advertise and grow your business? Let's talk, you'll go away with new insights.
The Secret to Beating a Slowing Economy
Canadian companies are experiencing a slowdown resulting in a drop in small business investment. Companies are borrowing less because of reduced demand across three of Canada’s most industrial provinces.
Canada can ill-afford this slowdown at a time when the United States is seeing strong growth. If we stop delivering products while the U.S. grows, others will get the business. That could leave Canadian small businesses floundering without the lucrative U.S. market.
Standard cost cutting measures may not be the solution. A better strategy is to diversify your offering, create value-added products and services, and make your company stand out. There are many ways to differentiate yourself from your competitors. Consider these steps:
- Identify your unique value proposition.
- Identify your ideal customer.
- Discover the best way to reach these customers.
Another strategy is strategic diversification through mergers and acquisitions. The secret to doing this successfully, however, is to ensure that there’s synchronicity between your original offering and the new products.
This is where company owners and CEOs can benefit from the services of an experienced business coach, who can help you find ways to differentiate and diversify, without fragmenting your focus.
The Ten Big Trends That Will Affect Your Business in 2017
There are major social, economic, and technological movements impacting 2017. Let’s look at 9 major trends we see on the horizon.
- Empowerment and enabling people at every level will be your key to success. Centralized decision making and hierarchical command and control is crumbling. An engaged self-motivated and engaged team will be your key to growth and even survival in a different workplace and marketplace.
- Removal of Friction in the Shopping Experience Amazon Go’s no-cashiers, no-checkout store in Seattle is showing what empowered technology is going to do for retailers and others who make the shopping experience seamless: Walk in. Walk out. No lines, no cashiers. No, seriously, check out this Amazon Go Video to see it in action.
- End-to-end prospect engagement and monitoring. You must engage website visitors and help them smoothly navigate their journey from prospect to customer to raving fan.
- Social media will be the place to advertise. With more than 1 billion people active on Facebook and 100 million using Instagram every month, the social media will become primary advertising platforms.
- Microsoft’s acquisition of LinkedIn will expand advertising opportunities. Microsoft is planning several priority integrations between its legacy brand and LinkedIn.
- Innovation will accelerate; external collaboration and consultation are essential. Innovation isn’t new, but as we emerge from the Great Recession, the pace of change is accelerating at an increasing rate.
- Artificial Intelligence and Big Data will change how you market, what you build, and where your company adds value. Big Data and artificial intelligence (AI) will increasingly be used to improve and revolutionize every aspect of business.
- Video will become essential to prospecting and sales success. People process video about 60,000 times faster than written content; it is the new norm for marketing.
- Mobile is where it is and where it’s going. Constantly harried, today’s consumer is looking at your content and messages on the go. Are your advertising and Internet platforms keeping pace?
- A New Administration takes over in the USA. It appears likely there will be a colossal change in direction on offshoring, tax laws, repatriation of earnings, environmental laws, minimum wage, health care, education and immigration. All spell opportunity as where there is change, there will be opportunities for your business.