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Building A Strong Online Business

Running an online business can give you the freedom to live life on your terms, but only if you know what you’re doing.

If you walk up to people on the street and ask them what the No. 1 thing is that they want most out of life, the answers will all likely have something to do with one word: freedom. Financial freedom, geographical freedom, the freedom to live your life on your own terms and take control of your destiny. It almost sounds too good to be true … But in today’s age, it has become not only a possibility, but a reality for many entrepreneurs who have decided to take their destiny into their own hands by taking a risk and starting their own ecommerce business.

While creating an online business may seem like the perfect way to grow your income and have the lifestyle and freedom you desire, it is far from easy. In order to be successful in the business world, there are five factors that you need to master.

1. Mentorship

Not only is it important to have access to quality information, but it is also important to have one or more mentors that can provide you with one-on-one guidance and counseling. When starting a business, it is inevitable that you will have many questions. Having the right mentor is going to help guide you in the right direction, and you’ll learn from their mistakes, rather than making your own. There’s nothing more valuable than directly getting help from a successful businessman, somebody whom you would trade places with.

Access to quality one-on-one mentorship where you’re able to ask somebody who’s in the trenches and building brands every day questions is extremely valuable. In order to provide the best services for your clients and build your business, quality mentorship should be an integral part of your program. In this manner, clients can learn all the steps needed to start a successful business, whether it be in ecommerce or a different branch.

2. Persistence 

Ecommerce has grown into a multi-trillion dollar industry and has created the most important technological revolution in business in the 21st century. Millions of people around the world are literally making millions selling products online; however, it’s not for everyone. Building a business is not easy, and you will fall down more than once. Hence, in order to build a successful ecommerce business, you must work harder than everyone else and keep going even when you feel like quitting.

If you want to live a life like nobody else, you must work like nobody else. When you feel like giving up, you should remind yourself of this. Only through persistence will you be able to build a successful business.

3. Mindset

In a similar fashion, a positive mindset is extremely important when it comes to building a business. Many people, even those who are able to succeed, lack this necessary mindset, which means that any short-term gains and successes won’t be sustainable. Without the right mindset, it is impossible to build a business that will thrive in the long term. Mindset is entirely learnable and can be studied and adopted by anybody with the will to succeed.

4. Access to the right information

In today’s day and age, there is an excess of information on the internet. While having access to information is an advantage, a lot of information is not reliable and steers many people the wrong way. Hence, it is important to educate yourself with quality information, such as that provided in a quality course. In order to have a successful business, quality education and information need to be made a priority for each and every one of your clients.

With the way the world is going, there is nothing that competes with buying products online, but a lot of people get excited about the amount of money they could make in the business and get into it without any knowledge or experience. Getting into this business without having the right information and guidance will most likely lead to failure.

5. Faith

Throughout the many ups and downs that come with starting your own business, ultimately your success will finally come down to your level of belief in yourself and your faith. Whether it be in God, in the Universe or whichever higher power you believe in, it is important to have faith in something greater and know that you are not alone.

If you truly center on these factors and focus on growing as a person and entrepreneur, you will stand out from the crowd, and there is no doubt that you will build a successful business.

By Jose Aristimuno, ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR, CEO of VIP MEDIA SOLUTIONS

Source: https://www.entrepreneur.com/article/380628

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9 Biggest Payroll Challenges In 2021

At GroConsult, payroll management is part of our core operations; we have a comprehensive Payroll Management Service to assist your company in the timely payment of wages and salaries. Our Payroll Management Services has a mechanism and system in place to continuously review and update your payroll database and ensure your company complies with all legal requirements that govern the industries your organization operates to establish the financial stability of your company.

Whether small or large, every business handles payroll in its own way, which governs how it handles all payments owed to employees and contract employees (freelancers).

An organization must ensure that every pay, tax bill, invoices, and data input aligns with the compliance laws. Many complex procedures are involved since the tax laws, and compliance rules keep changing from time to time!😕

This means more difficult payroll processes, more data, and more effort. Fortunately, you can address all of these payroll processing challenges with the help of a payroll software and focus on hiring from a bigger talent pool!😍

Many HR professionals are eager to explore the world for talented recruits, but technicalities sometimes appear to be an impediment that businesses must overcome. The majority of them involve payroll management.

Calculating payroll and distributing salaries may appear to be a simple task; however, it is not. In fact, while running the payrolls, an HR professional faces several difficulties. Recognizing your payroll processing challenges is the first step towards identifying appropriate solutions to overcome them.

It’s important to get your payroll right✅: paying employees incorrectly or untimely can hurt employee morale, and failure to comply with tax or labor laws can result in severe penalties.

Steps Involved In Payroll Management Process

Payroll management determines employee pay, deductions, tax computations, bonuses, and compliance, among other things.

The following are the primary steps in payroll processing:

  • The first step is to establish a payroll policy. Fix your payroll processing norms, including guidelines for leave, attendance, and compensation.
  • The second step involves keeping an eye on the various departments’ contributions. For example, attendance records, tax requirements, leave records, and so forth.
  • Once you’ve gathered the data for payroll processing, you’ll need to check it for accuracy and legitimacy. For instance, knowing the exact amount of unpaid leaves taken by an employee.
  • After you’ve gathered this information, you’ll need to run payroll calculations, including deductions and taxes.
  • Payroll management calculations are accompanied by ensuring statutory compliance, such as TDS, EPF, etc.
  • After completing the payroll, you’ll need to enter everything into your accounting software for precise accounting and administration.
  • The second and final stage is to distribute payments to employees and provide them with pay slips. This phase entails keeping track of employee account information.
  • Finally, keep track of inaccuracies and other errors to improve your payroll structure in the future.

We can’t deny that the payroll management process is time-consuming and inconvenient.

Let’s take a closer look at some of the biggest challenges of payroll processing.👀

Challenges Of Payroll Processing

In this blog, we’ll discuss the 9 biggest payroll challenges and ways you can adopt to eliminate them.

➡️ Statutory Compliance & Legislation Issues

Running a company isn’t a cakewalk.❌ Staying compliant is one of the biggest challenges of payroll processing. Labor laws, state regulations, and statutory compliances are only a few of the legislation and rules that exist. Following these laws is not an option; it is necessary!✅

On the other hand, making compliance mistakes isn’t necessarily a decision; many people simply don’t understand intricate regulations. Plus, they get revised from time to time!

This can result in significant fines and penalties for your company. Honestly, it doesn’t sound like something you want!☹️

Furthermore, most businesses rely on conducting payroll manually or entrusting the task to their HR staff. You must realize that no matter how much time you devote to learning the compliance regulations, they will change, and you will be back to square one.

This might pose a challenge that will end up causing major distractions in the process of payroll generation.

➡️ Evolution Of Technology

The blind trust in the technology can end up being one of the biggest global payroll challenges we face in 2021. Chances are that the blind faith in these can turn out to be faulty in the long course of time.

This is where we pan out to be wrong and not on the correct path. Technology does make the process of payroll generation easy and a lot streamlined doesn’t mean it is going to be accurate every single time. ❌

Good and effective payroll software do have the capability to alleviate the issues many face with their payroll management process but it is important to be very aware of which technology to opt for and which ones to trust. Every single prospect of the payroll service provider should be very well verified to avoid any kind of further risks.

➡️ Need For Higher Flexibility

Payroll management is not restricted to merely paying off your workforce.

COVID-19 has caused significant changes for several businesses, necessitating increased flexibility. For instance, a company may have reduced or modified its work shifts, necessitating frequent and major changes to employees’ schedules, influencing leave, payroll, and other operations to coordinate and compute overtime and other payouts.

Businesses are evolving daily and are reinventing entire product lines due to changing market demands. This involves dealing with a lot of important tasks leaving almost no time to get caught up in payroll related challenges.

Many businesses have also been forced to deal with remote work, which necessitates coordinating schedules and remote payroll management across multiple locations.

There are no easy ways to avoid these payroll and compliance challenges using the manual payroll process. However, using an automated payroll management system can help you overcome these difficulties easily!😍

➡️ Shortage Of Payroll Professionals

Payroll industry has recently experienced a booming increase in their demand and popularity. The last few years are what has boosted the overall growth of this industry. This is the reason why the demand and the supply are posing a problem altogether.

The year of 2021, in terms of payroll challenges, might experience a shortage in the number of talented professionals in this field. Finding well-equipped and well trained and experienced payroll professionals is turning out to be a problem in the coming year or so. But, the same can also be mitigated effectively owing to the kind of growth it is gaining over the years.

➡️ Challenges In Attendance & Leave Management

Employee attendance is frequently tracked and time-stamped by card swipe, finger-print punches in/out, or simply by ‘signing in’ one’s name on a worksheet with manual payroll processing. To calculate the pay and other incentives, that ‘data’ must be carefully duplicated, imported or exported, and passed around teams before making it authorized.

Managerial permissions and modifications are sometimes required. Because of the mountain of paperwork and individuals involved, this simple daily operation takes a lot of time and effort, so errors and inconsistencies are common.

➡️ Challenges In Handling Remote Work

With so many employees working remotely from home or even overseas during COVID-19, traditional HR and payroll administration is nearly impossible.☹️

Card readers and sign-in forms are ineffective for attendance management. Hard copy management of leave and compensation is no longer possible. Email processing can be chaotic due to the numerous submissions, manager approvals, verifications, and coordination necessary.

Furthermore, with the pandemic looming, the typical onboarding and offboarding process, which involves many documentation and face-to-face meetings, is no longer feasible.❌

In such circumstances, a system that can automate remote attendance, leave requests, performance management, training, and other HR and payroll operations is more important than ever.😇

➡️ Consistent Automation

Automation is taking the world by a whirlwind. While the same might be an amazing addition to the overall prospects of the growth and development, the same is also believed to become a potent challenge for the overall global payroll system in the year of 2021. Automation might enhance the payroll management process so much that it could become a lot harder to cope up with the pace of it with manual inputs.

The capabilities and workforce implemented by the automation are also going to undergo a rapid change and evolution which might further end up contributing to the overall payroll system even further. It is a wrong notion that the inclusion of automation is going to end up making manual labor redundant.

That is not going to be the case. Rather, the same is believed to impact the overall growth in the end but the initial impacts might impose a bit of challenge for the people working in the payroll industry.

➡️ Threat To Data Security

With the ever-growing realms of technology, the amount of threat and risks are on the rise as well. It is not surprising that more and more people are finding it hard to keep their data and information encrypted and safe. The same does go out to the payroll industry as well. The kind of threats to the stored information is not necessarily new.

More and more reports of cyber crimes and cyber breaches are on the rise and the same might inflict impacts on the overall prospects of the payroll industry as well.

The payroll industry and the data associated with it might be on the risks and that is expected to stand out as one of the possible challenges in the year 2021. That being said, the security is also strengthened and that itself could pan out to be quite beneficial on the whole as well.🚀

➡️ Inconsistency In Policies

Company processes and policies can be subjected to change a number of times. That being said, that can actually pan out to be one of the most common challenges faced by the payroll industry.

Given the fact that this relies on the right in the moment and current and updated information to be relayed to the employees, it is not surprising that the same might end up being a challenge in the coming few months.

Companies and organizations are constantly changing their processes and policies and while that might be a good thing for the company, the consistent changes pan out to be a trouble for the professionals under the payroll industry.

If you are someone willing under this similar situation, be assured to stay in consistent sync with the companies you are working along with. This will help in keeping track of the changes and making the necessary changes accordingly.

Challenges In Payroll Computation

Some small and medium-sized businesses continue to use excel sheets to manage all payroll-related data, resulting in several issues:👇

  • Incorrect payments are the result of data entry errors and rule misapplication.
  • Data is dispersed in such a way that HR and tax audits are difficult to manage.
  • Payroll records are difficult to handle, and accessing them can be problematic.
  • The information being filed is difficult to comprehend for the managers who approve it.
  • Compiling statistics and preparing reports for high management as a reference has proven difficult.

Even businesses that use payroll management software may be utilizing outdated versions that are unproductive due to a lack of features critical to increasing efficiency. ❌ Some of the drawbacks of older software applications are as follows:👇

  • Not tailored to the company’s operations, rules, and requirements
  • Other HR information and tools, such as attendance, leave, claims, employee benefits, and so on, are not interconnected.
  • Does not automatically adapt to the frequency of statutory updates.

Overcoming The Payroll Challenges 2021

The Payroll industry is a very dynamic industry with consistent updates and changes. While payroll is currently gaining popularity, it goes without saying that the obstacles and challenges that the coming months bring along are quite extensive.

Payroll processing is not a simple task, which can be handled manually by one person without hassles. There are a series of challenges that impact your accuracy and compliance structure. As a result, non-compliance penalties are levied.

Want to effortlessly eliminate all of these challenges? 😉

You can easily minimize these challenges by using good payroll management software which can easily handle the constantly evolving intricacies of payroll.✅

So is there a payroll software that can cater to all your payroll needs and is affordable? Luckily for you, there is. 😍 Request a demo today!

By

Source: https://www.humanresourcestoday.com/edition/weekly-wellness-compliance-training-2021-07-24?open-article-id=19842284&article-title=9-biggest-payroll-challenges-in-2021&blog-domain=zimyo.com&blog-title=zimyo-insights-on-hr-trends-and-technology.

 

 

 

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4 Social Media Marketing Trends to Implement in Your 2021 Strategy

With the rise of social media comes the increase in marketing being leveraged across these platforms. Each day, more businesses are realizing the infinite potential that social media marketing has. Even brick-and-mortar businesses that have existed in the same capacity for decades are now jumping on the social media bandwagon — and rightly so.

Never has it been easier to identify, find and sell to our target audiences through social media. With infinite resources at our fingertips, we have the ability to instantly chat to just about anyone we like (whether or not they respond is an entirely different story).

Now, at least a whopping 91% of businesses are marketing on social media. With that being said, the social media landscape is evolving faster than ever, and in order to keep up to date, we must be aware of the latest trends. Here are 4 social media marketing trends to incorporate in 2021.

Stories over feed posts

In a recent move, LinkedIn jumped on the story bandwagon. Why? Because more and more people are opting to view stories rather than scroll the newsfeed. Stories are more exciting, in part because they are only up temporarily, and in part because they give more of a glimpse into people’s everyday lives.

The element of scarcity, combined with humans being natural stickybeaks, gives stories the ultimate power to form a more personal bond. Have you ever followed a particular entrepreneur or influencer on social media for a prolonged period and then seen them in real life? To me, it felt like I actually already knew them. Opting towards spending more time and energy towards stories is a great way to build unbreakable bonds with your audience.

Short-form storytelling

Artificial intelligence (AI) ad-tracking

We all know that technology is evolving at an astounding rate. What was cream-of-the-crop a couple of years ago is now old news. With the vast majority of businesses spending money on ads, a lot of time and energy has been poured into their optimization to ensure you can outperform your competitors, without making a battle of who has the biggest ad-spend budget. This where AI-tracking shines.

With the ability to read data thousands of times faster than humans, AI-tracking can take your ad optimization to a whole new level. According to Australian digital marketing agency Yakk Digital, clients return-on-ad-spend has increased by a whopping 25 percent since implementing AI-tracking for their ads. By optimizing your ads using AI, you’ll significantly reduce your cost per lead and ultimately, make more money.

Connection and community

If the pandemic has taught us anything, it’s that we humans crave connection more than we ever thought. Staying connected with our community is essential, and most great brands and marketers know the best way to build a brand is to create a community behind it.

Human beings crave significance, and that significance often comes from being a part of online communities. This can come in the form of joining the livestream of someone they admire or being in a Facebook group of like-minded individuals, but connection and community go hand-in-hand, so keep that at the forefront of your mind and marketing strategy.

Social media has certainly passed the test of time and is here to stay. In order to leverage it to your greatest ability, keep up with all the latest trends, incorporate them in your strategy and most importantly, be consistent.

By  Lewis Schenk,  ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTOR,                                                        Director of Boost Media Agency

Source: www.entrepreneur.com/article/370892